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Student loan consolidation combines multiple student loans with different interest rates and term lengths into a single loan. Discover: Top 10 Richest People in the World More: 22 Side Gigs That ...
If you have bad credit, you may be motivated to refinance your student loans to lower monthly payments. However, many lenders require a minimum credit score in the mid-to-high 600s.
Federal student loans are eligible for consolidation through the U.S. Department of Education’s Direct Consolidation Loan program. Private student loans can be combined through a process more ...
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.
Key takeaways. Direct Consolidation Loans and private student loan refinancing helps make federal student loans more manageable by rolling several balances into a single loan product.
You have high-interest private student loan debt. Your new loan (whether federal or private) carries a much lower APR than your current student loan debt. See related: How to consolidate student loans
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