What is loan consolidation?
A Consolidation Loan allows you to combine your federal student loans into a single loan, which may allow you to extend the repayment period. The interest rate for a Direct Consolidation Loan is based on a weighted average of the loans being consolidated. (Note that while extending the repayment period may lower your monthly payments, you may pay more interest over the life of the Direct Consolidation Loan.)
How do I consolidate my loans?
You can consolidate your loans by doing the following:
Is there a downside to consolidation?
Although consolidation can help many students manage their monthly payments, there are some cases when consolidation may not be right for you.
Learn more about consolidating your loans at: http://mappingyourfuture.org/paying/consolidation/repayment.htm Information from:http://www.mappingyourfuture.comhttp://studentaid.ed.gov
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