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14 Jul

Keep in mind: If you have both federal and nonfederal loans, you will likely still have more than 1 servicer after loan consolidation.Your federal loans will move to 1 new consolidated loan under 1 servicer.

But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.

Call us at Direct and FFEL are two federal loan programs that provide loans to education borrowers eligible for financial aid. However, it still exists to provide consolidation and repayment plans for FFEL loans that already exist.

To use this form of consolidation, you need at least one Federal Direct or FFEL loan to use each consolidation loan respectively.

If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.

You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.