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Forfeiture of federal benefits: If you choose to consolidate federal student loans with a private loan, you lose access to federal loan benefits. These include income-based repayment plans along ...
How to consolidate federal student loans. To consolidate your federal student loans, first complete an application form for direct consolidation online or by mail. Once you have selected a ...
Most federal student loans can be consolidated, with the exception of: A single federal loan, unless it’s an FFEL Consolidation Loan. A joint spousal consolidation loan.
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.
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 ]
Consolidate your federal loans. A Direct Loan Consolidation combines your federal student loans into a new, individual account. You can extend your repayment period and lower your monthly payment ...
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