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“With (our student loan program), if the borrower makes 12 months of on-time principal and interest payments, they can request to release the co-signer,” he says.
“That creates tremendous flexibility, especially for families applying for loans for multiple kids.” Students consolidating federal loans can do so through the Department of Education’s website at Loan gov, by phone at (800) 557-7392 or by downloading a paper application at Loan gov/borrower/and mailing it in.
Almost all types of federal loans can be consolidated.
When you refinance your loans, you typically work with a new company to pay off the original loan or loans and get a new single loan at a lower rate. When you complete a private loan consolidation, the interest you’re paying does not change.
For example, let’s say you have one ,000 loan with a 6% interest rate and another ,000 with 5%, and you’re planning to pay them off in 10 years.
When you consolidate, or combine, them, your new rate will be 5.67%.
Instead, your new interest rate is a weighted average of the rates on the loans you’re consolidating.
While consolidation can simplify your financial life, it won’t save you any money.