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Federal Loan Consolidation
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A: No. Federal Loan Consolidation is not like refinancing a mortgage. You can only consolidate once. However , if down the road you go back to school and take another Federal Stafford Loan. Then you can reconsolidate. But, keep in mind that the consolidation loan is a weighted average. Your new Stafford Loan will be at a higher interest rate and, therefore, you may not want to consolidate it.
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The Federal Loan Consolidation is one of the best ways to streamline repayment. All federal loans are combined into one new loan with a fixed rate and one payment, eliminating bills from multiple lenders. If you have borrowed MEFA private loans, everything will be on one statement. U. Consolidate decreases the likelihood that a borrower will miss a payment, helping you maintain a strong credit rating.
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Federal Loan Consolidation combines multiple federal loans into one new consolidation loan. This allows you to simplify your repayment by having one lender and one payment. The new loan will have a fixed interest rate that is a weighted average of the interest rates on your loans rounded up to the nearest eighth, not to exceed 8.25%. In the past, consolidation was ... a way to obtain a fixed interest rate; however, the interest rate on all Federal Stafford Loans is now fixed, so that is no longer an important consideration.
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Federal Loan Consolidation