Consolidating federal loans with private lender

From there, you can either complete and submit the feedback form or select “Additional Information” and contact the Student Loan Support Center at the phone number provided.

A Direct Consolidation Loan allows you to consolidate your student loans into a single loan, with a single monthly payment.

The interest rate on your federal consolidated student loan is fixed.

Get Started Now If you have multiple student loans from the federal government, then it’s likely you make multiple payments to various lenders.

The result is more payments to keep track of and it’s easier to forget a payment.

There are also a few refinancing options you may consider.

The interest rate you pay will be the weighted average of the interest rates on all your loans being consolidated, rounded up to the nearest 1/8 of a percent.

If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process.

Are you tired of making multiple student loan payments each and every month?

If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.

Top Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.

If you want a lower monthly loan payment, consolidating your student loans will likely do that for you.

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