When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
You have to complete the application in a single session, so do your research before you start.
When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.
The tool shows you how much you’d pay per month on the various plans.
If you choose an income-driven plan, you’ll be asked to provide income information on the application by granting access to your IRS tax information.
At Lend EDU, we help borrowers compare the top student loan companies in one place.
We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.
If your loans are already with one of those servicers, you can stay or choose a new one.