Consolidating student loans into direct loan
Plus, if you have debt left over when the repayment term is up, it will be forgiven (but taxed as income). That means the interest and monthly payment can change according to market conditions.While the terms are sometimes used interchangeably, consolidating your loans is different than refinancing them.Because the interest rate is a weighted average, rounded up, consolidation is unlikely to save you money. In fact, the average Class of 2016 graduate has in student loan debt, up six percent from last year.
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