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Question about a Consolidation Loan


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Perhaps this is a simple question, but it's one to which I couldn't find a clear answer.

I understand you can consolidate federal loans. I also understand you can consolidate again, provided you have another federal loan with which to consolidate, essentially consolidating a consolidation loan. My question is: if one were to do this, how would s/he determine the APR of this new consolidation loan?

Do you go back to the variable rate or the rates of the individual loans first used to make up the first consolidation loan?? Or, do you forget about those forever once consolidated and treat the first consolidation loan as a fixed rate and then simply consolidate that fixed rate loan with the other loan you are consolidating...

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