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But you could end up paying a higher rate over a longer period of time, making your loan more expensive than it originally was.
You get one rate, one monthly repayment, one loan term and one balance to keep track of.Consolidating your federal loans is free — there’s no application or origination fee.Some private companies offer to help you with your application for a fee.It’s a type of federal Direct Loan, meaning it’s eligible for most repayment plans. You can still consolidate it as long as you meet the requirements.While your rate might increase, it could be a good way to open yourself up to longer terms, more flexible repayment plans or forgiveness programs.
Through the Direct Consolidation Loan program, you can combine your loans (depending on the type) into one loan.