Consolidating law school loans
The interest is a fixed rate for the life of the loan unlike Direct and FFEL Stafford loans, which have variable interest rates.The fixed rate is base on the weighted average of the interest rates on the loans you consolidate, rounded up to the nearest 1/8 of a percent. Whom do I contact if I have questions about consolidation?There is no cap on the interest rate of a Direct Consolidation Loan.
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.Disclosure: Student Loan Hero is a free website to help student loan borrowers.We only evaluate lenders and do not issue student loans.Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.C."That new loan will have its own interest rate; it will have its own repayment terms; it will have its own terms and conditions," she says.