Consolidating private education loans

You cannot consolidate private student loans with federal student loans, and you can only consolidate the loans you hold in your name; this means that you cannot consolidate your own loans with your spouse's or with loans your parents may have taken out to finance your college education.

Note that some consolidation pros apply just to federal loans or just to private loans.

Consider how much longer it will take to repay the new loan and how much more in total interest you will have to pay as a result.

Weigh that against the benefit of a lower interest rate, smaller monthly payments and having just one—not multiple—student loan payments to handle each month. Combining them with federal loans will disqualify you from applying for the benefits provided for federal student loans, such as to extending the loan-payment period , income-driven repayment plans, and federal loan forgiveness programs.

Student loan consolidation is a process through which you take out a new loan, which is then used to pay off your other existing student loans.

Instead of having multiple loans and loan payments, you have only one.

In fact, this will be the reason why people apply for federal education loan consolidation.

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Be sure to compare costs and interest rates especially.These provisions could be helpful in tight fiscal situations. Intended as such as it, in order to the decor, the swimming pool, the magnificent gardens on a sunny operating day.Of course, the current economic situation is not helping.This is one reason that, if you have both types of loans, you may want to consolidate them separately (see below).Also: You can also always keep separate a single loan that has especially good borrower benefits.

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