Can i save money by consolidating my student loans

23-Apr-2020 18:50

The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.

There is no cap on the interest rate of a Direct Consolidation Loan.

If you have multiple individual debts to repay it can get complicate to juggle all those bills within your budget.

Consolidation reduces that down to just one bill, so debt is easier to manage.

In other words, if you have federal student loan debt, you can apply for a new loan through William D.

Ford Direct Loan Program to consolidate your existing loans.

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. Similarly, if you have Federal Perkins Loans and you are employed in an occupation that would qualify you for Perkins Loan cancellation benefits, you should not include your Perkins Loans when you consolidate.

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Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.

Whom do I contact if I have questions about consolidation?