You can consolidate towards a primary Integration Mortgage even if you only have that federal student loan

The interest rate to your an immediate Combination Mortgage is actually a fixed price, which means rate of interest will remain the same on the longevity of your loan

This might search complicated (i generally think about “consolidating finance” due to the fact multiple funds getting you to definitely), however, consolidation is important since it could possibly get change the type of financing you really have. A primary Consolidation Financing allows you to combine multiple government training funds for the one to mortgage free of charge for your requirements.

You should find out if consolidation is best for your, because there are some instances in which merging their fund might not be the ideal option at that time. Here are some facts to consider ahead of diving into the integration processes:

The Service off Education will send your a realize that says to the the new interest in your mortgage

The interest rate on your Lead Combination Loan will be the weighted average of your rates of interest to the loans you’re combining, rounded for the nearest higher one to-8th of 1 percent. There is absolutely no cover towards interest which is determined less than that it formula.