Can I consolidate an existing consolidation loan?

You can consolidate an existing consolidation loan only if you have another eligible loan to combine with it.

Can I consolidate both federal and private student loans?

No. Private student loans cannot generally be consolidated with federal loans. However, you can check with your financial organization to understand their rules.

What is the interest rate on a direct consolidation loan?

The direct consolidation loan interest rates vary for different loan providers. However, you may have to pay around 8.9% in interest.

How does loan consolidation affect my interest rate?

Your interest rate after consolidating the loans decreases considerably.

What Happens to My Original Loans After Consolidation?

The federal government pays off your interest and the principal amount. In place of that, they give you a new loan, in which they consolidate all your loans and set a new monthly payment for you to start repaying.

Can I consolidate my loans more than once?

Yes, you can consolidate your loans more than once. However, you would have to follow the guidelines set by your financial organization.

Federal Loan | FinBuzz

Find all articles on federal loans, including which loan is the best loan for you if you are a student or parent. We have compared federal loans with private loans as well so you can pick the best for you.

Tag: Federal Loan

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