Loans

If you’re like most college graduates, you’re probably thinking about how to consolidate your student loans. You’re not alone. In fact, according to the Consumer Financial Protection Bureau, about 60% of federal student loan borrowers choose to consolidate their loans.

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The good news is that consolidating your student loans can make your life a lot easier. You’ll have one monthly payment instead of multiple payments, and you may be able to get a lower interest rate. The bad news is that you’ll have to calculate your new monthly payment.

Here’s how to do it:

Find out the total amount of your student loans

The first step is to find out how much you owe in student loans. You can do this by logging in to your account on the Department of Education’s website.

Find out the interest rate on your loans

The next step is to find out the interest rate on your loans. You can do this by logging in to your account on the Department of Education’s website.

Choose a repayment plan

There are several different repayment plans available, and you’ll need to choose the one that’s right for you. The most popular repayment plan is the Standard Repayment Plan, which has a 10-year repayment period.

Calculate your monthly payment

Once you’ve chosen a repayment plan, you can use the Department of Education’s repayment calculator to calculate your monthly payment.

Consolidate your loans

Once you’ve calculated your monthly payment, you can consolidate your loans by logging in to your account on the Department of Education’s website.

Consolidating your student loans can make your life a lot easier. You’ll have one monthly payment instead of multiple payments, and you may be able to get a lower interest rate.