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A federal Direct Consolidation Loan has a fixed interest rate based on the average interest of your federal loans rounded up to the nearest one-eighth of 1 percent.

CONSOLIDATING STUDENT LOANS Let’s take a look at a few of the pros and cons of consolidating your student loans.

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CONSOLIDATING STUDENT LOANS If you have multiple student loans, STUDENT LOAN consolidation can offer some simplicity to your repayment.

Essentially what happens when you consolidate BANK is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.

STANDARD 10-YEAR REPAYMENT PLAN $145/MO, $200/MO, $155/MO $500/MO Over ten years, you’ll pay about eleven thousand dollars $11,000 INTEREST in interest on your original principal of fifty thousand dollars.

$50,000, ORIGINAL PRINCIPAL Now let’s say you want to consolidate these loans.

If you have more than one federal student loan, you may be eligible to consolidate these loans into one Direct Consolidation Loan.

You cannot, however, consolidate your private student loans into a Direct Consolidation Loan.

@6.5% INTEREST RATE If you’ve just left school, CREDIT SCORE 550 you probably haven’t had the chance to build up a good credit history yet, so with private consolidation PRIVATE LOAN CONSOLIDATION LOWER MONTHLY PAYMENT you might get a simpler, lower monthly payment, but you could end up paying more in combined interest.

MORE COMBINED INTEREST But if you happen to have a steady job and have built up a good credit score, you might be able to get a lower interest rate from another lender than your current private loans, @5.4% INTEREST so it might be worth looking into.

@4.25% INTEREST Now, entering your loan information into a loan consolidation calculator, you’ll find that consolidating your loans CONSOLIDATED LOAN REPAYMENT PLAN gives you a new repayment period, ,000 PRINCIPAL, 0, 25 YEARS which is figured based on the amount you owe– the more you owe, the longer this repayment period will be.

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