Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. 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.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe. Whom do I contact if I have questions about consolidation?There is no cap on the interest rate of a Direct Consolidation Loan.Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
Learn how different domains, like number theory and computer science, are interconnected.