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Posted by / 06-Dec-2019 01:05

Consolidating private student loans blog

And the sooner you get your student loans paid off, the sooner you can divert more of your savings to other key financial goals, such as retirement, a home down payment, or perhaps a 529 College Savings fund for your children. Sometimes life gets in the way of staying on pace with monthly loan payments.

A layoff, a serious illness or maybe you decide to go back to school and your reduced income makes it hard to keep paying back your existing loans.

With some plans, if you stay on time with your payments, any remaining debt after 20 or 25 years may be forgiven.

Certain public service workers may qualify for loan forgiveness in just 10 years.

There is no fee to use the Federal Direct Consolidation Loan Program. The interest rate on a Federal consolidation loan is a fixed rate, meaning it will not fluctuate from month to month or year to year.

The fixed rate is based on the interest rates on the loans you are combining.

The bigger the balance for a given loan, the more impact its interest rate will play in determining your consolidated loan rate. Anyone with one or more federal student loans is eligible for the Federal Direct Consolidation Loan Program.

As long as you are up to date on your payments, you will be able to consolidate.

A low variable rate today may not stay low over a 10-year repayment.

And the prospect of bunching a motley crew of federal and private loans into one private consolidation loan can be a big sanity boost.

Just weigh the tradeoffs when you move federal loans into a private consolidated loan.

Getting schooled on the differences of each option will help you choose the student loan consolidation that makes the most sense for you. You are not permitted to add any private student loans you obtained from a bank or credit union into loans you want to consolidate through the Federal Direct Consolidation Loan program.

government, such as Stafford loans, Perkins loans and parent PLUS loans can be consolidated into a Federal Direct Consolidation Loan.

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You can use a private consolidation loan to streamline existing private loans, existing federal loans or a combination of federal and private loans.

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