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The new Direct Consolidation Loan provides a single fixed interest rate that is equal to the weighted average of all the loans being consolidated, and the interest rate is rounded up to the nearest eighth of a percent (0.123%).A weighted average means that the loans with a higher balance influence the interest rate more than loans with a smaller balance – the overall impact of each old loan on the new interest rate is proportional to the comparative balance of that loan.As you pay down your student loans, it’s a good idea to keep track of your credit score.Paying on time, over time, can help you build — or maintain — good credit. When you apply, you select a student loan servicer and a repayment plan (learn more about Any questions you have about your loan application should go to the student loan servicer you selected for your consolidation loan. You can apply electronically or get a paper application.The basics of federal and private consolidation loans are outlined below.
Helped me get my student loan debt straightened out and a more affordable payment.If you’re having a tough time juggling multiple student loan payments, consolidating them may be the way to go. If you have questions about consolidation before you apply, you can contact the Education Department’s Loan Consolidation Information Call Center at 1-800-557-7392.Consolidating your student loans means combining several loans into a single loan, meaning all those monthly payments get rolled into one. A Direct consolidation loan allows you to consolidate multiple federal education loans into a single loan so you’ll have a single loan payment to make each month, instead of three or four or more. Failing to make , as well as result in late-payment fees, which is why it’s so important you keep up with your payments until your consolidation loan has been finalized.
When you apply for a Direct consolidation loan, you will want to continue to make payments on your federal student loans right up until you receive notice from your federal student loan servicer that your loan has been paid off.
By increasing your loan repayment period, you’ll have more payments to make and will end up paying more in interest.