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Previously, the interest rate would have been capped at 8.25%.A consolidation calculator may be used to calculate the interest rate on a federal consolidation loan.
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Married borrowers may not consolidate their loans together, nor may a student’s Direct Loans be consolidated with the parent’s Parent PLUS Loan.
(A parent who has a Parent PLUS Loan borrowed to pay for a child’s education and a Direct Loan borrowed to pay for the parent’s education may consolidate those loans together.) Previously, married borrowers could consolidate their loans together.
However, if a borrower was receiving a loan discount or “borrower benefit” from a FFEL program lender, the borrower may lose that benefit upon consolidation since the discounts are not provided by the promissory note.
No, no credit check is required to consolidate federal student loans.
Instead, several lenders offer private consolidation loans for consolidating or refinancing private student loans.
The new private consolidation loan pays off the balances on the private student loans.The interest rate on a federal consolidation loan is a fixed rate equal to the weighted average of the interest rates on the federal education loans that are being consolidated, rounded up to the nearest one-eighth of one percent.For example, suppose a borrower has a ,500 loan at 3.4% and a ,000 loan at 3.86%.The interest rate on the federal consolidation loan would be This would then be rounded up to the nearest one-eighth of a point, or 3.75%.Since July 1, 2013, the interest rate on new federal consolidation loans is no longer capped.The Higher Education Reconciliation Act of 2005 repealed this provision, effective July 1, 2006, because of problems that occurred when the married borrowers subsequently got divorced.