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Loan consolidation can also give you access to additional loan repayment plans and 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.
You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
You should get free debt advice before taking out a debt consolidation loan.
A better option might be a 0% or low-interest balance transfer card.
Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.
People who have loans from private dealers are also sometimes surprised to learn that consolidating their car loan will save them money every month.
You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.
Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.
After all, debt consolidation can be used for a variety of different kinds of debts, so why not car loans?
The truth is that while you can use debt consolidation for a car loan, you might not want to.