Consolidating federal direct loans

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The sheer amount of information and numbers can be difficult to track.

If you feel overwhelmed with managing your student loan debt, don’t panic. One way to make student loans more manageable is through consolidation.

One of the best places to start looking is the federal Direct Consolidation Loan program.

If you did borrow money for college, chances are you received a new loan each semester.

However, it may end up costing you more money in the long run.

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Federal consolidation is available after borrowers enter repayment, either because they graduated or ceased to be enrolled at least half-time.

A federal Direct Consolidation Loan has a fixed interest rate based on the average interest of your federal loans rounded up to the nearest one-eighth of 1 percent.

It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.

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