Consolidating student loans public and private
The resulting interest rate is a weighted average of your prior loan rates.Refer to https://com/consolidate-student-loans-vs-refinance/ for more information. When you consolidate your federal student loans, you get a Direct Consolidation Loan, which has a fixed interest rate for the life of the loan.The fixed rate is the weighted average of the interest rates on the loans being consolidated.There are companies that may offer to help you consolidate your federal loans with the federal government, for a fee, but you don’t have to pay for this service.Consolidating with the federal government is a process you can do on your own, at no cost.Consolidating your student loans means combining multiple loans into one loan.
If you don’t know who your private student loan servicer is, look at a recent billing statement.
FSA ID stands for your Federal Student Aid Identification. You use your FSA ID to: Only you can create and use your FSA ID. Dishonest people could use your FSA ID to get into your account and take control of your personal information.
Student loans are debt you have to pay back, even if you don’t finish your degree.
You should make sure that it makes sense to consolidate your loans.
Consolidating a low-interest Perkins loan may not be in your favor.