Consolidating loans advice
For such installment loans, the important factors are how much total debt you owe and, of course, most importantly if you have missed any payments. It can be helpful if you have education debt from multiple lenders or student loan guaranty companies.
To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.
You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.
Direct consolidation loans are now the only type of federal student consolidation loan.
Even when you are applying through the same lender, you are basically taking out a new loan each semester or year.
There is no cap on the interest rate of a Direct Consolidation Loan.
You can consolidate all, just some, or even just one of your student loans.
The loans that were consolidated are paid off and no longer exist.
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.