by David Hall
Depending on the total amount of student loans that you have you can choose one of several repayment plans with loan repayment periods up to 360 months. Consolidation gives you the opportunity to reduce the size of your monthly payment. The interest rate on your Federal consolidation loan will be the weighted average of the current interest rates on your eligible student loans being consolidated rounded up to the nearest 1/8%, or 8.25%, whichever is less. The interest rate on your Federal consolidation loan will be the weighted average of the current interest rates on your eligible student loans being consolidated rounded up to the nearest 1/8%, or 8.25%, whichever is less.... Read more