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In order to calculate your prospective interest rate, use this step-by-step formula provided by Edvisors.
Once your loans are consolidated into one payment, you retain the fixed interest rate for the life of your loan.
Failing to make , as well as result in late-payment fees, which is why it’s so important you keep up with your payments until your consolidation loan has been finalized.
When you apply for a Direct consolidation loan, you will want to continue to make payments on your federal student loans right up until you receive notice from your federal student loan servicer that your loan has been paid off.
It is a little confusing because after you graduate, you probably will write one check to the lender each month to pay for the entire amount you borrowed.
As long as you make the payments on time and in full, the multiple student loans showing on your credit report will not have any negative effect on your ability to get new credit.
If you’re having a tough time juggling multiple student loan payments, consolidating them may be the way to go. If you have questions about consolidation before you apply, you can contact the Education Department’s Loan Consolidation Information Call Center at 1-800-557-7392.
It is critical that you do your research before you make any student loan consolidation decision.A transferred account is a closed account, and no longer counts as an open installment loan.Once the accounts are transferred, they are considered closed with a zero balance; however, they remain in your credit report to show a complete history of the debt. To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.By doing so, you “consolidate” your student debt into a single loan.