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If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.
You can find each lender below, along with information on rates, terms, and other key details. But remember, lowering your monthly payments could mean that you end up paying more in interest overall.
Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment.
The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.
There are two types of consolidation loans: federal and private, and they each come with distinct advantages and drawbacks.
We start by discussing the basics of student loan consolidation and refinancing, and comparing the benefits and drawbacks of federal and private consolidation loans.