Consolidating fed student loans
Private student loans come directly from a private lending institution and can also be consolidated.
However, Federal and private loans cannot be combined into one loan together.
Federal consolidation is available after borrowers enter repayment, either because they graduated or ceased to be enrolled at least half-time.
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.
Affordable Repayment Plan – Loan consolidation gives you another chance to select a repayment plan that best suits your circumstances.
An individual can apply for loan consolidation once they graduated from school.
Department of Education, a federal Direct Consolidation Loan can help you streamline your federal loan payments.
Loan consolidation offers several benefits, such as lower interest rate, repayment term extension, alternative repayment plan, etc.If you are struggling with student loan debt repayment options, ACCC can help sort out the confusion.Visit Consumer to learn more student loan repayment options.Consolidation may also extend your loan repayment term, resulting in lower monthly student loan payments.Streamlined Monthly Payments – Don’t worry about more than one loan payment.