@4.25% INTEREST Now, entering your loan information into a loan consolidation calculator, you’ll find that consolidating your loans CONSOLIDATED LOAN REPAYMENT PLAN gives you a new repayment period, ,000 PRINCIPAL, 0, 25 YEARS which is figured based on the amount you owe– the more you owe, the longer this repayment period will be.It can vary from ten to thirty years, but in this case it’s going to be twenty five years.
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Let’s say you have fifty thousand dollars in federal loans.
$50,000 FEDERAL LOANS Fifteen thousand dollars in subsidized loans SUBSIDIZED, $15,000 PRINCIPAL at a three point five percent interest rate, @3.5% INTEREST and then two different unsubsidized loans: UNSUBSIDIZED a loan of twenty thousand dollars $20,000 PRINCIPAL with a four percent interest rate, @4% INTEREST and a loan of fifteen thousand dollars $15,000 PRINCIPAL with a five percent interest rate.
You may pay more in the long run, but for now, you’ll be able to make just one monthly payment – and it may be considerably lower than your current loan payments.
Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.
And your new monthly payment will be about two hundred seventy dollars.