Consolidating debt student loans

Posted by / 23-Jul-2017 21:16

Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.

It's important to understand and carefully consider all factors before consolidating.

So, the interest rate on a consolidation loan may be higher than the underlying loans.

However, the interest rate is fixed for the life of the loan.

The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.The range of options below can be tailored to your financial needs and goals.Which option or options you use really depends on: In many cases, your repayment plan may require a combination of solutions to craft the right strategy for your needs.After 180 days, you will need to apply for a new Direct Consolidation Loan.Request to Add a Loan to an Existing Federal Direct Consolidation Loan Mail your completed form to: Navient - Department of Education Loan Servicing Attn: Loan Consolidations Originations P. Box 6180 Indianapolis, IN 46206-6180 The interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent.

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You can consolidate all, just some, or even just one of your student loans.