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Most federal student loans are eligible for consolidation, but you can’t use a Direct Consolidation Loan to consolidate student loans from private lenders.
A Direct Consolidation Loan has a fixed interest rate for the life of the loan.
The percentage of discretionary income paid each month depends on the plan you choose and when you took out your federal student loans.
Under all income-driven plans, any remaining loan balance is forgiven and taxed as income if your federal student loans are not fully repaid at the end of the repayment period.
Unlike a Direct Consolidation Loan, refinancing with a private lender can actually lower your rate and monthly payment.Refinancing means taking out a new loan to pay off existing loans.That may sound like the same thing as consolidation, but let’s walk through the federal loan consolidation process to illustrate how consolidation differs from refinancing.1) Savings calculation of ,581 is based on loan amounts and terms selected by Common Bond borrowers who refinanced their student loans between 5/15/15 and 6/30/15.Savings is calculated as the difference between borrowers’ estimated future payments for a sample of previously held loans and their future expected payments after refinancing with Common Bond.