Consolidating direct loans good idea
Nate Howard is Corporate Counsel at Common Bond, a student lending platform that provides a better student loan experience through lower rates, superior service, and a strong commitment to community.Common Bond is also the first company to bring the 1-for-1 model to education.Other factors, such as your credit history and other monthly expenses, should be taken into account, but comparing your income to your debt load is a good start.As private lenders re-enter the student loan refinancing market, there are more and more options to refinance.In evaluating options that may lower your rate, ask yourself, "Is it worth it to give up federal repayment options to lower my interest rate?
And while that's never been true for everyone, it has been a useful mental shortcut because federal loans are a better option for many borrowers.
While mileage may vary based on your specific situation, I will say that it is generally better to pay off your loan as soon as possible. You are also able to take advantage of various repayment plans that are tied to your income.