Consolidating student loans bank of america
Consolidating student loans can help make what feels like a mountain of college debt much more manageable.The National Postsecondary Student Aid Survey reports that a majority of four year college graduates are carrying close to $20,000 in student loan debt.
Request to Add a Loan to an Existing Federal Direct Consolidation Loan Mail your completed form to: Navient - Department of Education Loan Servicing Attn: Loan Consolidations Originations P. Box 6180 Indianapolis, IN 46206-6180 The interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent.Most students rely on a variety of funding sources to pay for college.Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.But unlike some other resources, loans must be paid back.Loans, and associated interestcosts, typically keep graduates in debt for 10 years or more.Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.
You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.
Do not leave free money on the table – apply for every grant and scholarship for which you qualify.
Loans are the most common funding sources for college: According to the National Postsecondary Student Aid Study (NPSAS), 65% of four-year undergraduate students take out student loans to help them pay for college.
Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.
The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.
Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.