Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.Maximum Loan Amount: None Interest Rate: Weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1 percent, not to exceed 8.25 percent.Contact a student loan professional and discuss your consolidation options today.There are many potential benefits to refinancing student loans.If you have been making regular payments on your existing loans, you may be wondering how refinancing may benefit you.For example, with Citizens Bank you can refinance both federal and private student loans with the Education Refinance Loan for a single, more manageable monthly payment.When considering consolidation plans, be wary of origination fees and be conscious of the lifetime costs that may be affected by changes in your repayment terms.Nevertheless, private student loan consolidation can be a smart solution.

However, it is very important to look at the terms of your new consolidated loan to make sure that you are really getting a good deal.In addition, with multiple payments debtors often rack up a substantial amount of interest when they are unable to pay off each individual debt – whereas with a debt consolidation loan there is just one easy payment, so interest rates will likely be reduced each month.With a debt consolidation loan, you can pay off all of your credit cards at the same time and reduce the high interest you pay on credit card debt: debt consolidation loan interest rates tend to be lower than credit card rates, so you save money and pay off your debts faster.Loan consolidation can help you lower your monthly payments, may help you defer or save you from defaulting on your loan, and may give you more time to repay (as much as 30 years).Federally guaranteed education loans are managed through the U. Department of Education and their Direct Loan program.The average American college graduate with student loan debts owes more than ,700 -- and two out of every three graduates leaves school with not only a diploma, but with education debts.Depending on how many years you attended school -- including undergraduate and graduate work -- and your financial situation at the time, it's possible to have accumulated more than one student loan while on campus.