Current interest rate for consolidating student loans

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Current federal loan balances: The interest rate on the Direct Consolidation Loan would be: (,000 x 3.4%) + (,500 x 6.8%) + (10,000 x 6.8%) ÷ (,000 + ,500 + ,000) = 6.04% This would be rounded up to the nearest 1/8th of one percent, or 6.13%.Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.It's important to understand and carefully consider all factors before consolidating.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.Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.So, the interest rate on a consolidation loan may be higher than the underlying loans.

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Direct Consolidation Loans have fixed interest rates.

When you consolidate your federal student loans, the interest rate on your new consolidation loan will be roughly the same as the combined rates on your current loans.

What this means: Your interest rate will not go down, but it also won’t go up by much either.

The interest rates on Direct Consolidation Loans are based on this calculation: The weighted average of the interest rates of the federal student loans being consolidated, rounded up to the nearest 1/8th of one percent. The following example shows how the calculation is made.

Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.

The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.

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