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Department education consolidating federal loans

With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

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With just a few exceptions, you get only one chance to consolidate with the government loan programs.Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.This report was not chartered by or created on behalf of any lender listed below.Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. You can consolidate all, just some, or even just one of your student loans.

Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.

A student loan consolidation takes the borrowers loans and combines all the loans into one new loan with one lender, and one weighted average interest rate.

This removes the burden from the borrower of trying to keep track of many different loans, with different lenders, balances, and interest rates.

Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.

Consolidation gives you the opportunity to choose one of the U. Department of Education's consolidation servicers (of which, Great Lakes is one) to complete and service your Direct Consolidation loan.

The Direct Loan program now has a $1 trillion dollar balance, with a yearly increase in the hundreds of billions of dollars being lent to students.