Consolidating plus student loans
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
There are a lot of reasons why it's a bad idea, and I cover most of them in my Forbes column.
First, there are a lot of myths surrounding what you can or can't do with Parent PLUS Loans, so let's bust those right now.These federal loans come with high interest rates and fees.But there’s a way to ease the burden of repayment once your child graduates: student loan refinancing.You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.Huffington Post Reader Question Dear Steve, I have 3 daughters and have borrowed heavily using PLUS loans to finance their education.