May 3, 2014
Ben from twitter wants to know if it possible to consolidate federal loans without losing the benefits…
The answer is, yes… and no.
Yes, you can consolidate your federal loans into one larger loan. The only place to do it is here: http://www.loanconsolidation.ed.gov The good part about federal loan consolidation is that you can keep the benefits such as income based repayment or loan forgiveness. (Note: there is no way to “undo” a loan consolidation, so if you go this route, be sure you understand all of the consequences and that it is what you want)
However, the reason it is also a no is because federal consolidation had limitations that private loan consolidation does not have. Normally when you consolidate loans, you can lock in a lower interest rate. When you consolidate your federal loans through the federal government the interest rate is a weighted average of your interest rates.. meaning you don’t save any money on interest by consolidating this way.
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