December 07, 2001
By: Bev Dodd
Student loan consolidation: Terms that make it easy
If you have more than one loan, repayment can be confusing, that's why you should consider student loan consolidation. Student loan consolidation is no different than other loan consolidation programs, it's fairly easy. We'll discuss this more below.
If you have more than one loan, repayment can be confusing. You're trying to keep your different lenders straight and wondering whether you're getting the best deal. That's when you should consider student loan consolidation, through one of several programs offered by our associated lenders. Student loan consolidation combines multiple loans into one, taking a weighted average of the various loans' interest rates and rounding up to the next 1/8 of a percentage point.
Student loan consolidation was established by Congress as a means of helping student borrowers cope with their federal student loan debt, the Federal Consolidation Loan Program will allow you to combine all of your eligible Federal student loans into a single new loan, typically resulting in a significantly lower monthly payment.
Based on the total amount of your Federal Perkins Loan(s) and other federal loan programs, you may choose to consolidate your loans. Student loan consolidation is similar to refinancing your loans in that all of your federal loans will be summed into one loan, and you will have one payment each month. You could consolidate your Federal Perkins into your Federal Direct loan and have one loan with only one monthly payment.
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