Consolidating fafsa student loans

Request to Add a Loan to an Existing Federal Direct Consolidation Loan Mail your completed form to: Navient - Department of Education Loan Servicing Attn: Loan Consolidations Originations P. Box 6180 Indianapolis, IN 46206-6180 The interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent.So, the interest rate on a consolidation loan may be higher than the underlying loans.

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Your payments might be significantly lower than the 10-year standard repayment plan, and you might receive a lower interest rate than you’re currently paying on one or more of your loans.To apply for loan consolidation, you must first access your loan information from the Federal National Student Loan Data System.Then, visit Federal Direct Consolidation Loans Information Center to begin the application process.The fixed rate is based on the weighted average of the interest rates on all of the loans you consolidate, rounded up to the nearest one-eighth of one percent. Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.

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