Who is consolidating student loans

You can consolidate your student loans through the federal website at no cost.

If you ever have a service trying to charge a fee to consolidate federal loans, that’s a scam.

If some or all of your student loans were from private lenders, you will have to use a refinancing program to achieve similar results.

Consolidation is a way to make repaying student loans more manageable, and possibly less expensive.

Also, keep in mind that because the rate is based on the weighted average of your previous loans, you’re unlikely to save money through a federal consolidation—it’s just about simplifying and making payments easier.

Consolidating comes automatically with refinancing several loans into one.

Make sure you know what repayment plan you are on, because if you consolidate, you forfeit the benefits on some federal programs and your payment plan will switch.

You cannot un-consolidate once you consolidate with the federal program.

You can refinance private or federal loans and you can pick and choose which loans you want to refinance.Federal consolidation combines all your federal loans into one, but they are not refinanced.If you have federal loans and you would like to get on one monthly payment, the federal government offers a direct loan consolidation program.But you can’t combine these loans with any private loans you have, as part of this process.You will get a new rate with federal consolidation, but it is the weighted average of all your old loans you are consolidating (rounded up to the nearest one-eighth of 1%).

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