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Currently, the interest rate is fixed for the life of the loan.
For more information of the specific loan terms, please visit the Loan Consolidation home page.
Based on several assumptions about future variations in interest rates, the loan volume, the percentage of defaulters, cost estimates from the United States Department of Education, it concluded that while doing so would incur an additional cost of million, caused by the higher administrative costs of the FDLP compared to the FFELP, this would be offset by a ,100 million saving comprised in part of avoiding ,500 million in subsidy costs.
A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation.
On average, student loan borrowers have between three and four student loans on their financial plate.
And that mix of debt might include both federal loans backed by the U. government, and private loans from a bank or credit union.
It might also help you build stronger credit scores, as on-time debt payments, including student loans, is a significant part of determining your credit scores.
Chances are, you’re juggling multiple loans taken out in different years or semesters.
The Federal Loan Consolidation Program was created in 1986.
In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999.
With student loan consolidation you roll your multiple loans into one larger loan.
No longer having to juggle multiple payments is a valuable time saver and stress reducer.