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Download free Student Loan Consolidation.pdf The interest rate for a Direct Consolidation Loan is based on the weighted average of the interest rates of the loans that you consolidate. It is fixed for the life of the loan and cannot exceed 8.25 percent. If a Direct Consolidation Loan would offer a lower rate than your current loans, you may want to consolidate.

If you are having trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and want to avoid default, consolidation may be right for you. If you consolidate, you may reduce your monthly payment amount by extending your repayment period.

If you extend your repayment period through consolidation, the total amount you pay over the life of your loan will be higher.

If you are close to paying off your student loans, it may not be worthwhile to consolidate.

Check with the lenders who currently hold your loans to determine whether they can offer terms and repayment plans that meet your needs better than a Direct Consolidation Loan.


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