I work in the student loan business so I might be able to help. If your loans are federal loans (Stafford, GradPlus, PLUS) you can consolidate them but only through the DOE's Direct Consolidation Program. Your new intrest rate on your consolidated loan will be the weighted average of the interest rates on the loans being consolidated (rounded to the nearest higher 1/8 of a percent).
Then please tell me why, despite my loans being "consolidated", that my online account (Through Great Lakes) shows my "consolidated" loan as 3 seperate loans...with seperate due dates, payments, and interest rates. I have a 6.7%, a 6.25%, and a 3.75% (smallest one
). Mine did not consolidate to a weighted average APR.
Is it b/c they are stafford sub VS stafford unsub Vs something else?
This post was edited on 11/20 at 11:24 am