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This is called loan consolidation and can help keep you organized and on track with repayment. Department of Education (ED) encourages borrowers with both types of loans to consolidate them into the Direct Loan program.
Like many federal loan borrowers, you may have both FFEL and Direct Loans. Once these loans are consolidated, you will have repayment options, some which lower your monthly payments, from which to choose. Consider the advantages and disadvantages carefully before you act.
(In either case, check with your lender.) More Interest Paid With a longer repayment period, you'll pay more interest over the life of the loan.
Manage Monthly Budget Savings from reduced monthly payments allows you to pay other monthly bills with higher interest rates, such as credit cards.
When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).
If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!
The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%.
Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.
With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!
Visit the Federal Student Loan Consolidation Webpage for more information. You should know the interest rate, fees and terms before you sign any agreement.