Consolidating federal graduate loans

The new interest rate can be lower or higher than the weighted average of the old loans and can be fixed (the interest rate won’t ever change) or variable (the rate changes based on the market conditions).Private and federal loans can both be refinanced with a private consolidation loan.Only loans that are in repayment or in the grace period are eligible for consolidation, and a Direct Consolidation Loan must include at least one Direct or FFEL Program Loan.Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income-driven repayment plan (where the payments are based on the income of the borrower).Federal consolidation loans can only be used for federal student loans, but private consolidation loans can be used for both federal private student loans.Consolidation loans repay old loans with a brand new loan that has its own unique terms and conditions.The new Direct Consolidation Loan provides a single fixed interest rate that is equal to the weighted average of all the loans being consolidated, and the interest rate is rounded up to the nearest eighth of a percent (0.123%).A weighted average means that the loans with a higher balance influence the interest rate more than loans with a smaller balance – the overall impact of each old loan on the new interest rate is proportional to the comparative balance of that loan.

With a private consolidation loan, a private lender writes a new loan that pays off the old loans.Student loan debt is a grave concern in modern America.In fact, the amount of debt from student loans topped

With a private consolidation loan, a private lender writes a new loan that pays off the old loans.

Student loan debt is a grave concern in modern America.

In fact, the amount of debt from student loans topped $1.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is $30,100.

The following table illustrates how a weighted average works.

In this example, there are three students that each have three loans.

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With a private consolidation loan, a private lender writes a new loan that pays off the old loans.Student loan debt is a grave concern in modern America.In fact, the amount of debt from student loans topped $1.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is $30,100.The following table illustrates how a weighted average works.In this example, there are three students that each have three loans.

.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is ,100.The following table illustrates how a weighted average works.In this example, there are three students that each have three loans.

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Because the interest rate is a weighted average and rounded up, borrowers won’t ever save money on interest by opting for a federal consolidation loan unless the loans are pre-2006 and have a variable interest rate.

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