Consolidating student loans with the federal government
Others may offer repayment plans that better suit your financial situation.Public and private loans can’t be combined, but if you have multiple private loans, you can consolidate those, too. Interest rates are determined by the federal government and change each year on July 1, so check with a lender to get their take on possible rate fluctuation.Plus, consolidating could make it impossible for you to have a Perkins Loan forgiven or reduced.If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.In recent years, the issue of student loan debt has grown in scope from obscure to national.
Besides basic personal contact information, you’ll need to be able to provide information including: Review all paperwork carefully before signing and submitting.
No application or origination fees are allowed and there are no prepayment penalties.
Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.
Consolidating offers several benefits, including: For college grads overwhelmed by multiple student loans, consolidation can be extremely helpful.
If you’re in serious debt and ineligible for student loan forgiveness, consolidation could offer the solution you need.