However, by extending the term of a loan the total amount of interest paid is increased.
Loan Balance Extended Repayment Term Less than ,500 10 years ,500 to ,000 12 years ,000 to ,000 15 years ,000 to ,000 20 years ,000 to ,000 25 years ,000 or more 30 years In certain circumstances (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years.
In effect, the shorter-term loan is being extended to 10 years.
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The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%.
It is a common misconception that a student can consolidate only once in a lifetime.
Borrowers can consolidate multiple times, so long as each new consolidation loan includes at least one unconsolidated loans.
Consolidating your student loans can not only simplify your finances by allowing you to make just one payment each month, but it can also lower your monthly payment by lengthening your repayment term.
When you have a Direct Loan issued by the federal government and a loan through Sallie Mae, you might be able to consolidate them depending on what type of Sallie Mae loan you have.
Loan Consolidation, also called a Consolidation Loan, combines several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans.
Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans.
Some lenders offer private consolidation loans for private education loans as well.
How It Works Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans.