Consolidating loans into direct loans


07-Feb-2018 05:14

consolidating loans into direct loans-16

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So, for a simplified example, if you have two loans, one for ,000 at 4% interest and one for ,000 at 6%, your consolidated loan will have a ,000 balance and a 4.7% interest rate.

By combining your interest rates, you also lose the ability to employ a favorite tactic of financial planners for paying down debt: targeting the most expensive debt, the loan with the highest interest rate, first.

And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.

This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.

But that hasn't been the case for the past decade, since the government stopped issuing student loans with variable rates.

If you consolidate your loans now, your new rate will be based on a weighted average of all your loans' interest rates.

Learn more about the free services available to you.

Don't Pay for Student Loan Help That's FREE How to Make a Student Loan Payment Servicemember Support - We're Here for You Mobile App for Your Student Loans Know Your Repayment Options Top Six Ways to Reduce What You Owe Considering Consolidation?

Each of them may have different terms, including interest rates.You don't have to pay for student loan services or advice.Our expert representatives have access to your latest student loan information and understand all of your options.One way to resolve a defaulted loan is to combine your existing federal student loans into a new Direct Consolidation Loan from the US Department of Education (ED).

Even if you have only one defaulted student loan, you may obtain a Direct Consolidation Loan to resolve the default.If you have federal student loans and a) have too many different payments to keep track off or b) would like to qualify for different repayment plans like income-driven repayment or Public Service Loan Forgiveness, consolidation might be a good idea!