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Unfortunately the tool doesn’t directly show how much money you save.You’ll see if your new payment could be lower than your current one, but if you chose a longer term, you might pay more overall because you’ll pay interest for a longer period of time.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.Here’s how to figure how much money you could save: For example, suppose you have a balance of ,000, an interest rate of 6.25%, monthly payments of 1.50, and 128 months left to pay.You want to refinance with a 10-year term, and you qualify for an interest rate of 4.5%. I just finally made the last payment on my ,000 of student debt! I’m definitely excited, but it wasn’t easy getting here.Some of those loans were nearly 8 years old, which means I’ve been scraping together payments for nearly 100 months in a row.

Check out the info below to learn more about the pros and cons.A Direct Consolidation Loan from the federal government allows you to consolidate (combine) multiple federal education loans into one loan.The result is a single monthly payment for your federal student loans at one interest rate instead of multiple payments.After 180 days, you will need to apply for a new Direct Consolidation Loan.Request to Add a Loan to an Existing Federal Direct Consolidation Loan Mail your completed form to: Navient - Department of Education Loan Servicing Attn: Loan Consolidations Originations P. Box 6180 Indianapolis, IN 46206-6180 The interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent.

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