Are there any fees to consolidate my student loans?

Many borrowers wonder, "How much will I pay to consolidate my student loans?" The answer depends on the lender you use. Typically, you will have to pay a loan origination fee for the new debt you will take on through your consolidation loan. This fee can be very small, ranging from 1 to 3 percent of the total loan amount. The fee is waived on federal student loans. There are also no penalties on federal loans for consolidation. On private loans, you may have to pay a premium to consolidate. This fee compensates the lender for any lost income that results from changing your loan terms.

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