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Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.

[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.

On the standard repayment plan for direct consolidation loans, you’ll make equal monthly payments for 10 to 30 years, depending on your total federal student loan balance.

Alternatively, there are six other repayment plans to choose from, including four income-driven plans.

You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.

If your loans are already with one of those servicers, you can stay or choose a new one.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

The tool shows you how much you’d pay per month on the various plans.Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.You typically need a credit score at least in the mid-600s to qualify, and rates range from around 2% to more than 9%.When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.If you’re a parent with PLUS loans and you also have other federal student loans, you may want to consolidate your PLUS loans in a separate consolidation loan; consolidating them with your other federal loans will make that consolidation loan ineligible for all income-driven repayment plans except income-contingent repayment.

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