Consolidating graduate student loans dating forum relationship

If you have Perkins loans, think twice before consolidating them; you’ll lose access to Perkins loan cancellation if you do.

There are major benefits and drawbacks of federal consolidation; it’s important to understand both because consolidation can’t be undone.

Consolidating your federal loans into a DIRECT Consolidation from the federal government (as opposed to private refinancing, discussed here) does make things look nice and tidy in that you’ll now have a single loan with a weighted-average interest rate based on the rates of the individual loans it replaced, but this paperwork trick isn’t particularly meaningful in and of itself. In fact, a slight rounding change could give you a trivially higher rate (it’s rounded up to the nearest one-eighth of 1%).

But there are definitely a few reasons to consider consolidating your loans, early as you can, in large part due to government’s newest income-driven repayment plan: REPAYE.

On the standard repayment plan for direct consolidation loans, you’ll make equal monthly payments for 10 to 30 years, depending on your total federal student loan balance.

Alternatively, there are six other repayment plans to choose from, including four income-driven plans.

Search for consolidating graduate student loans:

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As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.

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