Consolidating student loans through government

Posted by / 24-Oct-2017 08:18

Consolidating student loans through government

Ideally, you would qualify for debt consolidation after graduation.

However, you also could qualify when you leave school or are enrolled less than half-time.

You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together.

The Direct Consolidation Loan program is the right choice if your goal is to simplify the process and keep your options open for the many repayment plans available for federal loans. Your rate is determined by the weighted average of the interest on the loans being consolidated rounded up to the nearest one-eighth of 1%.

When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.Today, the answer to that question is probably yes!7 out of 10 graduates are now graduating with some form of student loan debt.Both federal and private lenders recognize that lower monthly payments help may be the best option, if you don’t get the job you want immediately after graduating from colleges.Find out more about the choices debt consolidation offers.

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Once you sign in to Student using your personal identifiers and Federal Student Aid PIN, you will be able to electronically complete the Federal Direct Consolidation Loan Application and Promissory Note.

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