Student loan consolidation simplifies repayment by combining multiple federal student loans into one loan with a fixed interest rate. Offered through the Direct Consolidation Loan program by the U.S. Department of Education, it replaces multiple payments with a single monthly payment. The interest rate is the weighted average of the original loans, rounded up slightly.
Consolidation provides access to income-driven repayment plans and loan forgiveness options but doesn’t lower the interest rate. Private loans cannot be included, but refinancing is an option. Borrowers should assess their financial goals and repayment needs to decide if consolidation is the right choice.
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