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ROFL there are simple explanations too!

If the AFSA loan is a federal loan (like a Stafford or Perkins) it can go in with the other loan to a Federal Direct Consolidation Loan. It doesn't matter that one of the rates is a fixed rate. We are all talking about the variable rate mostly cause that is what most people have. If you have only fixed rate loans, you could consolidate now and not even wait til July 1. (People waiting are waiting for the variable rate to drop. It goes down July 1.)

With Direct Loans, they will knock 0.8% off whatever the fixed rates are. Your new loan would be an average of the consolidated loan and the AFSA loan.

Make sure your AFSA loan isn't variable rate. If the rate for that loan changes next week, you will want to wait til next week.
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