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The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999.
Federal student loan payments have resumed, so you must start worrying about due dates again. And if you have federal loans, switching to a Direct Consolidation Loan can be necessary to access ...
Federal student loan consolidation isn’t the right option for everyone. Some drawbacks to consider are: Potentially higher interest rate: The interest rate on your new loan will be the weighted ...
Borrowers with some types of federal student loans have until today to consolidate their loans to qualify for full student loan cancellation or credit toward cancellation. The Education Department ...
If you don’t fall into one of these categories, it may be time to look into consolidating your loans into a Direct Consolidation Loan. According to Federal Student Aid, payment count adjustments ...
Direct Consolidation: These loans enable the student to consolidate multiple federal loans into one loan at no added cost. If a student has multiple loans, he or she can consolidate multiple monthly payments into one monthly payment at the average rate of the loans being consolidated. [ 13 ]
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