Interest rates for consolidating student loans

14-Jun-2016 09:42

After you identify and separate your federal and student loans, you can begin to explore your loan consolidation options.

Consolidating your loans turns multiple student loans into a new loan with one payment, one interest rate, one term, and one lender.

Those that have a wage garnishment must first go through rehabilitation before being eligible to consolidate.

By consolidating, can I take advantage of Income-Driven and Forgiveness Plans if I’m eligible? This is often one of the best reasons to consolidate your federal student loans.

Keep in mind though, you are not automatically enrolled into the income-driven plans.

You must choose this option when consolidating (or later on) to take advantage of them. You can learn more about the federal consolidation process and your options through the Department of Education as well as our federal student loan consolidation page.

This eliminates the nightmare of juggling multiple payments at different interest rates.

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Private student loan consolidation (sometimes known as refinancing) is a very important option to consider when dealing with private student loans.Combining student loans doesn’t just simplify the payment process – it makes it easier to maintain control over the financial future.We break down the consolidation process into four basic steps: Private student loans and federal student loans have separate consolidation procedures.Because federal consolidation doesn’t change your rate, if you are a highly creditworthy borrower, you may want to consider private consolidation or refinancing.Will federal consolidation change my repayment options?

Private student loan consolidation (sometimes known as refinancing) is a very important option to consider when dealing with private student loans.Combining student loans doesn’t just simplify the payment process – it makes it easier to maintain control over the financial future.We break down the consolidation process into four basic steps: Private student loans and federal student loans have separate consolidation procedures.Because federal consolidation doesn’t change your rate, if you are a highly creditworthy borrower, you may want to consider private consolidation or refinancing.Will federal consolidation change my repayment options?Repayment on a consolidated loan begins immediately, with most borrowers receiving their first bill within 60 days of approval and disbursement of their newly consolidated loan. You can do this by asking the loan servicer of your consolidated loan to delay processing your application until toward the end of your current grace period.