Consolidating federal school loan

The interest rate you pay will be the weighted average of the interest rates on all your loans being consolidated, rounded up to the nearest 1/8 of a percent.

Therefore, if you have some loans with a significantly higher interest rate, it could be beneficial to consolidate.

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The application may be completed online or on paper.Parent borrowers of the federal PLUS loan may consolidate, or refinance, their loans into a federal consolidation loan. There are two main reasons borrowers decide to consolidate their federal loans: a fixed interest rate and lower monthly payments.Other reasons include the convenience of having just one loan with one monthly payment and prevention of defaulting on one's loans.This means your monthly payments will fluctuate as interest rates go up or down.Private student loans can usually be paid off over a 10-25 year term.

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