There are three categories of plain condensation student touchs: conduct Subsidized Consolidation Loans, Direct Unsubsidized Consolidation Loans, and Direct with the addition of Consolidation Loans. If you possess loans from extra than one category, you still have only one direct goverment student consolidation loan and make only one monthly cough upment.

Under the FFEL Program, you can receive a subsidized and/or an unsubsidized FFEL Consolidation Loan, depending on the types of loans you’re consolidating. (FFEL PLUS Consolidation Loans are included reporting to the Unsubsidized FFEL Consolidation Loan category.) Both FFEL and Direct Consolidation Loans have the same interest rate, which is a rooted rate set according to a formula established by law.

The rate is the weighted average rate of the current rates charged on the loans breatheing consolidated, rounded up to the nearest one-eighth of a percent. This money the rate you’ll pay won’t be more than one-eighth of a percent more than the effective rate on your individual loans. The rate is fixed for the life of the govenment student loan consolidation.

Read more on the types of student loan consolidation.