After 180 days, you will need to apply for a new Direct Consolidation Loan.
Request to Add a Loan to an Existing Federal Direct Consolidation Loan Mail your completed form to: Navient - Department of Education Loan Servicing Attn: Loan Consolidations Originations P. Box 6180 Indianapolis, IN 46206-6180 The interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent.
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You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.It's important to understand and carefully consider all factors before consolidating.If you have a tremendous job that pays really well and no dings on your credit report when you leave school, you could find a lender willing to give you a break on interest to get your business. well, it never hurts to ask All federal and private student loans are installment loans and considered good debt because it represents an investment in your future.Having installment loans in addition to revolving credit like credit cards is great for your credit mix, which makes up 10% of your credit score.So, the interest rate on a consolidation loan may be higher than the underlying loans.