Essentially what happens when you consolidate BANK is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.
BANK Entering these numbers into the loan calculator LOAN CALCULATOR, YOUR LOANS SUBSIDIZED LOAN, UNSUBSIDIZED LOANS at gov— CALCULATE, $500/MO on a standard ten-year repayment plan, you’re going to be paying a little over five hundred dollars a month.
STANDARD 10-YEAR REPAYMENT PLAN $145/MO, $200/MO, $155/MO $500/MO Over ten years, you’ll pay about eleven thousand dollars $11,000 INTEREST in interest on your original principal of fifty thousand dollars.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.
offer benefits and protections that do not transfer to private lenders.
Managing multiple due dates and lenders can seem complicated; however, many graduates consolidate and refinance their student loans in order to simplify monthly payments and potentially qualify for better rates.