Consolidating student loans into direct loan
But since then Congress has cut the lender subsidies several times, redirecting most of the savings to increases in federal student aid. Because consolidation results in a new loan, the forbearance and deferment limits are reset by the process.
On the other hand, Direct Loans can be simpler to administer since the college has to deal with only one lender, the federal government, and the college's cash flow may be smoother. Even so, maintaining a bit of redundancy will help avoid future disruptions caused by a single point of failure. The lenders also argue that their proposal avoids the potential delays and disruption associated with a transition to Direct Loans and also avoids the need for thousands of layoffs industry-wide. Don't be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate.
You can consolidate a consolidation loan only once. If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Potential Change in Holder. There are no fees to consolidate your loans.
Which program is ultimately less expensive depends heavily on the economic assumptions one uses in a model of the program costs. There is never an upfront fee.
There is an ongoing debate over which program costs the federal government less. Front-end discounts include fee waivers and graduation fee rebates. Although loan consolidation may not save you money, it could still be worth considering for several reasons. Some permit more frequent changes.
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