During much of the 2000s, interest rates were higher.
Are you a parent who wanted to help your child finance his or her education, and ended up taking out more loans than anticipated?
Many parents find themselves in a precarious situation as they try to plan for retirement and while balancing student loan debt.
In some cases, PLUS loans can be discharged due to the death of the borrower (or student).
Private loans often don’t extend these same benefits.
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.With Parent PLUS Loan rates at 6.84% for the 2015-2016 school year, private lenders are offering competitive rates to borrowers who meet their credit requirements.As a result, parents with strong credit may qualify for a better rate with a private consolidation loan.A Direct Consolidation Loan combines several Parent PLUS Loans into a single loan, but does not reduce the interest rate.