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If you're a parent, and you borrow with a PLUS loan to pay for your children's college, you should never consolidate these loans. This is typically a bad idea because PLUS loans don't qualify for income-based repayment programs like IBR, PAYE, or Re PAYE.As such, if you consolidate, you're at a loss of these programs.Student Loan Refinancing: This involves getting a private loan to replace some (or all) of your existing student loans.You can consolidate Federal loans, but you cannot consolidate private loans.Additionally you need to be current on your payments.If your loan payments are in default, you will be required to make at least 3 consecutive monthly payments before you can apply for the Federal student loan debt consolidation loan.
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Your interest rate will be the weighted average of all the loans you consolidated (rounded up to the nearest 1/8 percent), and your payment should also equal the sum of all your individual payments.