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Posted by / 07-Apr-2020 02:18

Consolidating salliemae loans

Many borrowers will refinance and consolidate their student loans in order to get a lower interest rate.

If you took out student loans each year of college, it's likely that some rates are higher than others.

After 180 days, you will need to apply for a new Direct Consolidation Loan.

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.

If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).

When you consolidate your loans, you have only one due date to remember as opposed to several, making it easier to manage your finances.

Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!

Consolidating allows you to merge multiple eligible loans into a single loan.

So, the interest rate on a consolidation loan may be higher than the underlying loans.

However, the interest rate is fixed for the life of the loan.

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For example, you may need to identify the types of federal loans you have and their repayment statuses.