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Interest rates for consolidating student loans

Deferment or forbearance are always options for short-term relief from payment difficulties.There are also a few refinancing options you may consider.The result is more payments to keep track of and it’s easier to forget a payment.A Direct Consolidation Loan allows you to consolidate your student loans into a single loan, with a single monthly payment.A student loan consolidation can help by combining all of your loans into a single loan with one interest rate and Both federal and private student loans can be consolidated in order to make your loans less complicated and more convenient.Parents can consolidate loans taken on the student’s behalf, but they cannot consolidate with the student into a single consolidation loan.If you can get a better deal on your interest rate, then consolidating student loans will likely save you money over the life of the loan.

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Therefore, if you have some loans with a significantly higher interest rate, it could be beneficial to consolidate.Because you’re stretching your payments out over 30 years, the amount of interest you pay over the life of the loan will be greater, even though your monthly payment may be less.Like your federal student loans, private student loans may be consolidated into a single monthly payment.This is done through a private lender such as a bank or credit union.Unlike federal loan consolidation, private student loans often come with a variable interest rate when consolidated.The interest rate on your federal consolidated student loan is fixed.Like a fixed rate mortgage, this means your interest rate stays the same, keeping your monthly payment amount consistent.To determine if consolidation is right for you estimate your savings with our student loan consolidation calculator.Get Started Now If you have multiple student loans from the federal government, then it’s likely you make multiple payments to various lenders.Student Loan Hero is not a lender or investment advisor.We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.

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