skip to content »

centr-geoteh.ru

Help with consolidating private student loans

help with consolidating private student loans-13

As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.

help with consolidating private student loans-3help with consolidating private student loans-10help with consolidating private student loans-15

Anyone considering a private student loan should understand all aspects of the loan, the application process and its repayment requirements.Current data suggests that there is $99.7 Billion in outstanding private student loans.With 90% of private student loans having a co-signer, these student loans can pose a serious and stressful problem for Unfortunately, unlike Federal student loan income driven and forgiveness programs which are guaranteed for those who qualify. Re-financing/consolidation is done through private lenders (see our page here for names of some private student loan lenders).Only refinance your federal loans if you don’t plan to take advantage of these programs.At a minimum, lenders want to see that you have a stable job and a steady income, that you use credit responsibly and that you’ve been in the workforce for a little while.Some lenders also prefer customers who have graduate degrees, especially if you have a lot of debt.

This means refinancing isn’t an option for graduates who are struggling to pay their student loan bills.

Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.

You’re generally eligible once you graduate, leave school or drop below half-time enrollment.

Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.

When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.

Before taking out a private student loan, or if you have one already, it's important to clearly understand all aspects of the loan and its repayment requirements.