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The application process takes about 30 minutes to complete.Make sure that if your loans are not in forbearance or a grace period that you continue making payments until you are notified that your loans have been consolidated.The interest rates for federal loans are fixed, and they are determined at the beginning of each year.However, they are the lowest fixed rates available at the time, so this is frequently not as much of a concern.It is important to keep in mind that you can only consolidate your federal student loans one time.If interest rates become lower over time, you will not be able to reconsolidate for a lower interest rate.According to statistics, you'll likely have about ,000 in loans at the end.With the same interest rate and loan payment period, you're looking at a monthly payment of about 5 and total interest of about ,000 for a total principal and interest of ,000.

You can take advantage of this entirely free process through the federal student aid website.If you didn’t finish school with a degree or you are unable to get a high paying job right out of college, consolidating and getting on an income-based repayment plan can greatly assist you in being able to keep your loan payments current and keeping your credit in good standing.Because you can only get a federal student loan consolidation one time, you want to make sure that you include all of the loans you have.While the payment is daunting enough, you're likely to end up with several different loans, all with different payment times, rates, structures and formulas.And like any loan, especially in this economy, your "note," or the loan itself, stands a good chance of being bought and sold, so midway through one loan you may suddenly see another loan company holding your note and changing the playing field. In short, it's a way of grouping disparate loans under one umbrella and making a single payment to one entity that's something like an average of all the loans.

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