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A Direct consolidation loan has a fixed interest rate.The loan rate you will pay is based on the weighted average of the interest rates on the federal loans that you consolidate, rounded up to the nearest one-eighth of 1%. Failing to make , as well as result in late-payment fees, which is why it’s so important you keep up with your payments until your consolidation loan has been finalized. When you apply for a Direct consolidation loan, you will want to continue to make payments on your federal student loans right up until you receive notice from your federal student loan servicer that your loan has been paid off.You can see how your student loans factor into your credit standing by getting Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser.Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser.
A weighted average means that the loans with a higher balance influence the interest rate more than loans with a smaller balance – the overall impact of each old loan on the new interest rate is proportional to the comparative balance of that loan.Federal consolidation loans can only be used for federal student loans, but private consolidation loans can be used for both federal private student loans.Consolidation loans repay old loans with a brand new loan that has its own unique terms and conditions.We start by discussing the basics of student loan consolidation and refinancing, and comparing the benefits and drawbacks of federal and private consolidation loans.We then detail a step-by-step guide to using and choosing consolidation loans.
The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.