Consolidating college loan money

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The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.There is no cap on the interest rate of a Direct Consolidation Loan.An i Help private student loan can help.i HELP Student Loan Consolidation Simplify Life with Student Loan Consolidation.If you’re like most college graduates, you have taken on a variety of federal and private student loans to cover the cost of college.This depends on where you are in the consolidation process.To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Student Loan Support Center at 1-800-557-7394.

If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.They levy their interest rate and payment schedule, and the borrower pays them that new interest rate as well as paying off the principal.Perhaps the interest rate is reduced, but then again the new company owning the debt bought it cheap.Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.A Direct Consolidation Loan has a fixed interest rate for the life of the loan.

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