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The loans that were consolidated are paid off and no longer exist.

The result is a single monthly payment instead of multiple payments. Refer to the complete list of federal student loans eligible for consolidation in the application.

Loan consolidation can also give you access to additional loan repayment plans and There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.

If you consolidate student loans, you have other options.

While it’s true that you can’t borrow your way out of debt, consolidating all of your high interest loans into one debt consolidation loan through Prosper with a great rate could save on the amount of interest you’re charged on your debts each month.

To come out ahead, you need to find a consolidation loan with a low interest rate and a reasonable term.

You can consolidate using a personal loan or a balance transfer credit card.

If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.

Whom do I contact if I have questions about consolidation?

By extending the loan term you may pay more in interest over the life of the loan.

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