Consolidating student loans into direct loan

Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.The new, refinanced loan can have completely different terms, too.This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.Sometimes it might even cause you to miss payments.

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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