Student Loan Consolidation

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Student Loan Consolidation

Postby Anonymous User » Fri Feb 15, 2013 2:08 pm

Can someone explain to me how I'll be paying off my loans when I graduate?

I have half of my loans at 7.9 (PLUS) and half at 6.8 (Direct). But I have like 8+ actual loans that I've received during law school (again, either DIRECT or PLUS, like everyone else), all in differing amounts. Is there a minimum requirement with each or can I combine them (all the PLUS's together, all of the DIRECTs together)? Can I combine the PLUS and DIRECT?

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Re: Student Loan Consolidation

Postby okinawa » Fri Feb 15, 2013 2:17 pm

You could combine them all but then you'd pay on one loan at an averaged interest rate. If you had $50,000 total in PLUS and $50,000 in Direct, you'd pay $100,000 at 7.38%, which works out to be slightly more in interest (like, less than $200). If it's easier for you, it's probably worth the very slight increase.

If your loans are all through one servicer, like Sallie Mae, you can just click a button to pay the minimums on all loans anyway without consolidation. Upside to this if you pay extra one month, you can put that extra toward a plus loan instead of a stafford. Downside is, if your loans aren't all through one servicer, it's a pain to track multiple payments each month.

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