Consolidating private federal student loans together

But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.However, once federal loans are refinanced with a private lender, you lose many of the protections and repayment plans offered to federal borrowers – such as income-driven repayment plans, forgiveness eligibility, and deferment and forbearance protections.Student debt consolidation only includes loans of that nature, and as such, those programs won’t include personal debt.Often times, this will enable you to utilize or remain enrolled in federal repayment plans, such as income-driven plans.It will also allow you to benefit from federal protections that can pause or lower payments in the case of significant financial changes.Conversely, if you want to consolidate private student loans or private and federal loans together, then your only option is private student loan consolidation/refinancing.

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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.Consolidating debt can make repayment easier but it’s not always the best option when it comes student and personal debt.If you do choose to consolidate your personal and student loan debt, be sure to thoroughly review all the pros and cons before you make a decision and check what your new interest rate will be.In short, the answer is yes, sometimes you can consolidate student debt with other types of debt. With regards to federal loans, it often means rolling all eligible federal loans into one loan via a Direct Consolidation Loan.The new interest rate will be the weighted average of all your federal loan rates rounded up to the nearest eighth of a percent.

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