Consolidating student loan rates

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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.

REFINANCE/CONSOLIDATION LOAN – RATE DETAILS, TERMS, AND CONDITIONS Laurel Road is a trade name licensed by Darien Rowayton Bank (“DRB”), a Connecticut banking corporation.

Darien Rowayton Bank conducts online business activities using the Laurel Road trade name in all 50 states, Washington, D. Darien Rowayton Bank conducts local banking activities in the name of Darien Rowayton Bank in the state of Connecticut. EFT DISCOUNT The interest rate table above is inclusive of all Electronic Funds Transfer (EFT) discounts.

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.

When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.

But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.

First, what does consolidating student loans really mean?

Here's what you need to know before deciding to consolidate student loans.

Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.

Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.

Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.

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