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Rather, its goal is to put as many students through school as affordably as possible, and that includes recommending consolidation loans when appropriate. If you’re not sure which bank services your loans, you can check an online database called the National Student Loan Data System and find all the information about your loans that’s been forwarded to the USDOE by your school and whatever companies guarantee and service your loans.
Your first step will be to determine the amount of all your monthly federal loan payments added together.
The rate of the new Direct Consolidation Loan is capped at 8.25%.
Your loan servicer will tell you when to start repaying your Direct Consolidation Loan, and repayment must begin within sixty days.
Here’s an example: If your payments currently come to a total of 0 across multiple accounts and you apply for a debt consolidation loan, that payment could come down to say 0.
In such instances, it may be worth it to consider a student loan debt consolidation loan (a mouthful isn’t it?
)It seems like a roundabout way to go about paying your debt: I mean, you are taking out a new loan to pay off another loan. The reality is that, if you are currently having trouble keeping up with payments or digging yourself out of debt quicker, a debt consolidation loan may be just the solution for you. Student loan consolidation is the process of combining your Federal student loans into one single loan.
The loan will have a fixed interest rate, calculated in an interesting way: take the weighted average of the rates on your existing loans and round that number up to the nearest eighth of a percent.
In this case, the weight is assigned to each existing loan’s interest rate in the same proportion as the amount of the existing loan to your total existing debt.