Consolidating student loans with different interest rates

Discounts reduce the amount of interest you pay over the life of the loan.

The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.

Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is 0,000.

Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.

Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.

Private consolidation lenders, on the other hand, are not subject to those terms and may include variable rates and any number of fees.

Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.

Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).

All Direct Consolidation Loans have a fixed interest rate.

With a Direct Consolidation Loan, you can consolidate (combine) multiple federal student loans into one new loan that replaces the existing loans at no initial cost to you.

However, after you consolidate your loans under this program, you’ll have to repay the Direct Consolidation Loan plus interest.

What's more, some benefits of a federal consolidation loan, such as interest subsidies on deferred loans, are not available on private loans.

Yet despite the appeal -- and its popularity -- student loan consolidation isn't for everyone.

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