Interest rates for consolidating federal student loans


16-Jun-2015 16:39

You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.

interest rates for consolidating federal student loans-84

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(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.

Check out the official government site for all the details on eligibility.

Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.

If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.

When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.