Consolidating private federal student loans together

6854933580_2c8b688306_z

Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.We’ve created this guide to help borrowers better understand the emerging student loan refinancing and consolidation industry.When you consolidate student loans through the Direct Loan Consolidation Program: " data-reactid="15"Okay, so we've established that certain lenders will allow you to consolidate your private and federal loans together.Now let's talk about whether that option is right for you.When Refinancing Federal Loans Is a No-Brainer" data-reactid="26"The interest rates on federal loans are all one-size-fits-all numbers determined by Congress, so everyone gets the same rate for the same type of loan regardless of their unique financial situations.This can be advantageous for some borrowers – for example, undergrads who have little-to-no credit history and income.If you have student loans, chances are you're dealing with multiple interest rates, multiple loan servicers and multiple monthly payments – a surefire recipe for multiple headaches.

consolidating private federal student loans together-7consolidating private federal student loans together-63consolidating private federal student loans together-13

This is particularly the case for mature borrowers who take out higher-rate federal unsubsidized or PLUS loans for graduate, MBA or professional degree programs.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years. ” It’s a frustrating experience to have so many lenders vying for your money.And what can you do if the monthly payments are too high to manage? So instead of multiple student loan payments (one for each of your loans), you’d make one single payment every month to one lender.But in order to decide whether it makes sense for your situation, there are some considerations to take into account.

You must have an account to comment. Please register or login here!