Consolidating private loans fixed rate
Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.You’ll select a repayment plan when you apply for a Direct Consolidation Loan. You apply for a Direct Consolidation Loan through Student After you submit your application electronically at Student or by mailing a paper application, the consolidation servicer you selected will complete the actions required to consolidate your eligible loans.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.
Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.
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You can complete and submit the application online, or you can download and print a paper application from Student for submission by U. The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.
Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.