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If you are approved for a Federal Student Loan Consolidation, your monthly payments will begin within 60 days of your loans being paid for by the Department of Education.However, if you are still within the grace period for any loans being consolidated, you may be able to delay making payments until the grace period has ended by speaking with one of our student loan specialists.The weighted average divides (10,000 x 6) (5,000 x 5) by (10,000 5,000), yielding 0/,000 or 5.67%.Rounding this up to the nearest eighth of a point yields 5.75%.
Read on for everything you need to know about the Federal Consolidation Loan application and payment process.
The consolidation loan has a monthly payment of 4.65 and total interest paid of ,758.62.
The increase in costs is due, in part, to the rounding up of the interest rate. There are several advantages to a Federal Consolidation Loan: There also were a few considerations relating to the old federally guaranteed student loans in the Federal Family Education Loan Program (FFELP).
In some cases, other student loan repayment or student loan forgiveness programs may be more suitable for your situation.
Here are a few things to consider about consolidating your student loans: Advantages For many, two of the greatest benefits of applying for a Federal Student Loan Consolidation is having a single monthly student loan payment versus multiple monthly payments, as well as getting a fixed rate for the life of the loan.