Federal Student Loan Interest Rate and Consolidation Fact Sheet Why should I consolidate?
A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment, which can be lower than the payment required under the standard 10-year repayment option. The consolidation loan interest rate is set as the weighted average of the interest rates of the loans being consolidated (rounded up to the next 1/8%) and is fixed for the life of the loan.
Note: Although loan consolidation can simplify and lower your monthly payments, you should keep in mind that it also can increase the total cost of repaying your loans. By paying back your loans over a longer period of time (up to 30 years), you are charged more interest and end up paying more. Also keep in mind that consolidation may affect your grace period and deferment and cancellation options. Be an informed consumer!
A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment, which can be lower than the payment required under the standard 10-year repayment option. The consolidation loan interest rate is set as the weighted average of the interest rates of the loans being consolidated (rounded up to the next 1/8%) and is fixed for the life of the loan.
Note: Although loan consolidation can simplify and lower your monthly payments, you should keep in mind that it also can increase the total cost of repaying your loans. By paying back your loans over a longer period of time (up to 30 years), you are charged more interest and end up paying more. Also keep in mind that consolidation may affect your grace period and deferment and cancellation options. Be an informed consumer!
How do I consolidate?
To find out more about a Direct Consolidation Loan program, go to ww.loanconsolidation.ed.gov. For information about the FFEL Consolidation Loan program, contact a participating FFEL ender directly. Check your loan documents for your lender’s toll-free customer assistance contact number. Get all the information before making your decision.
To find out more about a Direct Consolidation Loan program, go to ww.loanconsolidation.ed.gov. For information about the FFEL Consolidation Loan program, contact a participating FFEL ender directly. Check your loan documents for your lender’s toll-free customer assistance contact number. Get all the information before making your decision.
Where do I go to find out more?
If you are uncertain of your current lender(s) or loan servicer(s), you can get information about your student loans by going to http://www.nslds.ed.gov/ or by calling the Federal Student Aid Information Center (FSAIC): 1-800-4-FED-AID (1-800-433-3243).
For more information about loan repayment or consolidation, go to www.studentaid.ed.gov and click on “Repaying.”
If you are uncertain of your current lender(s) or loan servicer(s), you can get information about your student loans by going to http://www.nslds.ed.gov/ or by calling the Federal Student Aid Information Center (FSAIC): 1-800-4-FED-AID (1-800-433-3243).
For more information about loan repayment or consolidation, go to www.studentaid.ed.gov and click on “Repaying.”
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