Consolidating direct loans interest rate

Before choosing to refinance, make sure you’re really ready to forego all of the benefits associated with your federal loans.Even if you’re not on an income-driven repayment plan, Direct Loan Consolidation will usually lower your monthly payment.Just keep in mind that you’ll lose your federal loan benefits if you go this route.Also, the lowest rates refinancing lenders offer are typically variable rates and come with shorter repayment terms.Keep in mind that if you’re a parent with Parent PLUS loans, you can consolidate through a Direct Consolidation Loan on your own.

Instead of multiple payments throughout the month, you can have a single – and sometimes lower overall – monthly payment.

Federal Direct Subsidized and Unsubsidized Loans are eligible for all income-driven repayment plans.

However, other types of federal loans must be part of a consolidation loan to be eligible for income-driven plans.

Be sure to talk to your servicer before consolidating to be sure you won’t lose any benefits that you’d prefer to keep.

Consolidating your student loans won’t necessarily lower your interest rates.

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