By using a federal student loan consolidation program, student loan holders can consolidate their existing educational loans. The course is very simple: you just have to call the Direct Loan Servicing center (a division of the U.S. division of Education) and in a very short period of time, you'll have your new consolidation loan.
The new interest rate will be a weighted median of the interest rates of all your current federal student loans.
How to concentrate pupil Loans - Federal pupil Consolidation Loans
It is even potential to consolidate added debt into this loan if this is considered to be a viable alternative.
The main reckon that leads citizen to ask for debt consolidation is the huge sum of money spent on monthly payments. If you mix all the loans into a single one, your new monthly payment will come to be very affordable, not to mention that the loan can stretch for a few more years.
In order to do that, you can go to the bank and ask for a personal loan. It's recommended that you use a detach loan for the student loans and other one for the rest of the debts.
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