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One way to resolve a defaulted loan is to combine your existing federal student loans into a new Direct Consolidation Loan from the US Department of Education (ED).

A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation.Student loan consolidation is the process of combining your Federal student loans into one single loan.For example, you might have 3 or 4 different student loans by the time you graduate college (one for every year you went to school).In the process of consolidation, each original loan is paid in full and a new Direct Consolidation Loan is originated for the combined balance of the consolidated loans.ED determines the interest rate of the Direct Consolidation Loan by taking the weighted average of the interest rates on your existing loans and rounding up to the nearest 1/8 of a percent (0.125).

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