Pros and cons of consolidating federal loans

Interest Rates for Newer Loans: PLUS loans come in two varieties: 1) Parent PLUS loans are for parents borrowing for the education of dependent undergraduate children enrolled in school at least half time and 2) “Grad PLUS” loans are available for graduate and professional students.For PLUS loans first disbursed on July 1, 2019 and before July 1, 2020, the interest rate is 7.08%.

You can consolidate all, just some, or even just one of your student loans.Stafford loan limits vary depending on whether you are financially dependent or independent.The total amount of Stafford loans, including both subsidized and unsubsidized, that undergraduates can borrow is ,000 for dependent students and ,500 for independent students.The Department of Education web site has information about the fees the government charges when you take out a PLUS loan.Unlike Stafford loans, PLUS borrowers are generally required to pass a credit check.

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