Consolidating private and federal student education loans not for dating
Alternatively, there are six other repayment plans to choose from, including four income-driven plans.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.
You’ll save money if your new loan has a lower interest rate.
Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
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.
Federal loan servicers are private companies that manage federal loans for the Department of Education.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
At Lend EDU, we help borrowers compare the top student loan companies in one place.
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.
These processes are often confused, but they’re very different.
Here’s how: » SIGN UP: Get a free plan to ditch your debt Federal student loan consolidation basics How to consolidate federal student loans Student loan refinancing basics Compare student loan refinance lenders When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You typically need a credit score at least in the mid-600s to qualify, and rates range from around 2% to more than 9%.