Consolidating

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Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.

If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.

If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.

There is no cap on the interest rate of a Direct Consolidation Loan.

Similarly, you should explore all other options before choosing to withdraw money from tax-free accounts you set up for your retirement.

There are several ways to consolidate debt, depending on how much you owe.

Loan consolidation can also give you access to additional loan repayment plans and There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.

You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.

From there, you can either complete and submit the feedback form or select “Additional Information” and contact the Student Loan Support Center at the phone number provided.

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