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So, the interest rate on a consolidation loan may be higher than the underlying loans.
However, the interest rate is fixed for the life of the loan.
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.
You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.
This makes paying back all of your loans easy and affordable.
What this does, is it allows you to bundle all of your monthly loan payments into just one payment.While a Direct Consolidation Loan can be a great choice in certain situations, it’s not always the best strategy, nor are all loans eligible.Take the time to review your situation and the benefits and drawbacks of Direct Loan Consolidation before making a decision.Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.It's important to understand and carefully consider all factors before consolidating.