Best rates for consolidating college loans

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That’s different from a variable rate, which can go up or down based on market conditions.The government will assign you a new repayment schedule based on your total federal loan balance when you apply for consolidation.On its face, student loan consolidation sounds smart: Combine your federal loans so you have a single monthly payment to keep track of, rather than paying separate bills to different servicers. Our guide to consolidation will help you understand what it is, who it’s meant for, whether it’s the right choice for you, and how to apply. Consolidating has both benefits and drawbacks, and because “consolidating” is sometimes used interchangeably with “refinancing,” it can be easy to confuse the two terms.Consolidate your loans through or by calling the federal Loan Consolidation Information Call Center at 1-800-557-7392.Here’s how the government determines the length of your repayment term: Consolidating your loans with the federal government is free.

The difference between consolidating and refinancing How federal loan consolidation works When it makes sense to consolidate The downsides of consolidation How to consolidate your loans At Nerd Wallet, we use the word consolidation when we refer to combining your federal student loans into a single direct consolidation loan.We’ll walk you through the consolidation process below.

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