Is consolidating private student loans a good idea
With an average balance of $28,400, student debt is a big part of the average college graduate's life.At Lend EDU, we help borrowers compare the top student loan companies in one place.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.Student loan consolidation is being offered as the quick and easy solution to all student debt-related problems.However, before anyone consolidates, they need to make sure that they truly understand the financial impact of what they're getting into.We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.After you are done, you will know how to refinance student loans and how to consolidate student loans.Below we've ranked the leading student loan refinancing companies. In just 15 minutes you might be able to save $20,000.
It is free to apply, and the process usually takes about 15 minutes. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.
Direct consolidation loans are now the only type of federal student consolidation loan.
Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.
As you weigh the pros and cons, keep in mind that timing is critical.
With just a few exceptions, you get only one chance to consolidate with the government loan programs.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.