Consolidating direct student loans relative and absolute dating of geologic events
Do NOT fail to research the topic before consolidating, because that could end up costing you tens of thousands of dollars!Direct Consolidation Loans are the end result of a loan consolidation process.But that hasn't been the case for the past decade, since the government stopped issuing student loans with variable rates.If you consolidate your loans now, your new rate will be based on a weighted average of all your loans' interest rates.Want to simplify your life with one monthly payment? There is one caveat: federal student loans can be combined into Federal Direct Loan Consolidation but private student loans can't.To lower your monthly payment and simplify loan repayment, consider a Traditional Direct Consolidation Loan.In 2017, consolidating your student loans can save you some serious money, but it’s important to keep in mind that Direct Consolidation Loans are not always in everyone’s best interest.When thinking about whether or not to consolidate your student loans, you’ll need to take a variety of factors into consideration.
Direct Consolidation sets a fixed interest rate based on a weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%, capped at 8.25%.
The purpose of this article is to walk you through the process of understanding exactly what direct consolidation loans are, when they make sense, and when they don’t.
Keep in mind that consolidation your federal student loan debt could end up making you ineligible for some of the best benefits programs on offer, so it’s something that should be approached with caution.
During this period of time, eligible borrowers will receive an additional interest rate reduction on a portion of the loans consolidated.
To qualify, a federal loan borrower must have at least one Direct Federal Stafford, Grad PLUS, Parent PLUS, or Consolidation Loan AND at least one Federal Family Education Loan (FFEL), Federal Stafford, Grad PLUS, Parent PLUS, or Consolidation Loan.
College students can take out new loans each year they're in school, so by the time graduation comes, it's common to have half a dozen, or more, individual loans.