Re consolidating already consolidated student loan

Direct Consolidation Loans come with a fixed rate that’s a weighted average of your current student loans, rounded up to the nearest 0.125%.Here’s how to calculate your rate if you choose to consolidate your federal loans: No.Your fixed rate is determined by weighing the average interest rate being applied to your existing loans that are eligible for consolidation, and then rounding this rate up to the nearest one-eighth of one percent.Please note, there is no interest rate cap on a Direct Consolidation Loan.These requirements include: Also, if you already have an existing consolidation loan that you’re looking to consolidate with other loans, one of the loans may need to be one of the eligible federal student loans listed above.However, FFEL Consolidation Loans may be qualified for re-consolidation without additional eligible loans included, in certain situations.However, the Department of Education warns that this is unnecessary, since you can quickly apply online by yourself.To qualify for a Direct Consolidation Loan, you must: A Direct Consolidation Loan might also be eligible for consolidation as long as you include another federal loan with it.

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However, you can’t consolidate Parent PLUS Loans with loans taken out in your child’s name, and all private loans are ineligible. The Department of Education doesn’t run a credit check when you consolidate your federal loans, so it’s open to all credit types.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.However, you might have some trouble consolidating a loan that you’ve already defaulted on.In that case, you must either make three monthly repayments in a row before you consolidate or agree to pay it off based on an income-driven repayment plan.

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