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Depending on what type of student loan you have, your interest rate can be over 8% for just one loan.
Parent PLUS loans generally have higher interests of about 8.25%.
Also, some servicers will allow you to have a lower interest by you opting into a auto payment plan. Student loan default can be a real serious matter if not addressed, Default happens when a borrower has when over 270 days without making a payment.
Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.
You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.
Student loan default can lead to terrible penalties like, tax offsets, wage garnishments and bad credit.
Student loan consolidation can help a borrower get out of student loan default.