Additionally, you’ll get a new loan term ranging from 10 to 30 years.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
You have to complete the application in a single session, so do your research before you start.
When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
Alternatively, there are six other repayment plans to choose from, including four income-driven plans.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.
The tool shows you how much you’d pay per month on the various plans.