Consolidating student loans through government
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
You’ll get a new loan equal to the combined amount of your old loans.
It will have a fixed interest rate based on a weighted average of the loans you consolidate.
Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.
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.
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.
You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.
offer benefits and protections that do not transfer to private lenders.
This is often the reason that people cite when they say you shouldn’t combine federal and private loans.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
Currently, I was going to try to make the standard payment, but it would be to much for me with my new bills for the new place I will be renting, and paying for everything to support myself in NV.
I am thinking of consolidating all my loans, but should I use the Federal Student Aid to consolidate both the Direct and Stafford loans ( do they consolidate both direct and stafford loans), or is there a different website for the government consolidation for both direct and stafford student loans?