Consolodating school loans low interest rate
If you are successful in getting the new loan, you're then responsible for repaying the one, larger loan.You can consolidate all federal student loans and most private student loans.(Some savings vehicles may be better than college saving funds, check out .) Each lender has its own minimum loan balance necessary for loan consolidation; however, you do not need to meet any minimum loan balance for loans consolidated under the Federal Direct Consolidation Loan program.
If you choose a different repayment plan when you consolidate, this may result in a smaller monthly payment with a longer repayment schedule and, subsequently, a lower risk of default.
Eligibility for private loan consolidation vary by lender.