Consolidating tuition answer loan help in dating

Before you jump head-first, it's important to understand how student loan consolidation works. Consolidation works by combining several several loans into a single monthly payment.

If you have federal student loans, you have two options for consoldation: through a Direct Consolidation Loan or by refinancing through a private lender. This not only simplifies your student loan repayment, but it can also lower the monthly amount you pay toward student loan debt.

It takes at least 30 minutes to complete the application.

If you use the online application, you'll see this screen, from which you need to login with your ID.

Both consolidation and refinancing will make your life easier by requiring just one monthly loan payment.

However because consolidation only takes a weighted average of your current loan interest rates, you won’t save money on a monthly basis unless you extend your loan repayment term. Refinancing can often offer you a new, lower rate, which can equate to a lower monthly loan payment and extra cash per month.

Like federal consolidation, refinancing allows you to combine your loans intotake this 7-question quiz to find out.

Now, since there isn't just one option as with consolidating through the federal government, you need to compare lenders before applying.

If you have private loans, or a mix of federal of private, you can consolidate by taking out a new loan through a private lender. Because consolidation works a little bit differently depending on which types of loans you have, we are going to tackle consolidation from several different angles: However, it's important to know that the interest rate on your Direct Consolidation Loan is not always lower.

Instead, the rate is calculated by taking the weighted average of the interest rates on your existing loans and then rounding up to the nearest one-eighth of 1%. So, i the Federal Loan Consolidation Information Call Center at 1-800-557-7392.

The truth is you can't consolidate private student loans through the federal government.

Instead, you consolidate your loans refinancing through a private lender.

Here’s a comparison to keep your two options straight: If you think refinancing might be best for you, our MEFA REFI product offers low interest rates, as well as both fixed and variable rate options. And if you have questions, we’re happy to answer them.

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