Questions about consolidating student loans
Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
Contact your loan servicer to consider alternative options such as switching repayment plans or requesting a deferment or forbearance.
To find out more information about loan consolidation, including eligibility requirements, visit https://gov/repay-loans/consolidation.
Before making the decision to consolidate your loans, you’ll want to carefully consider whether loan consolidation is the best option for you.
Keep in mind, once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
In weighing your options, be sure to compare your current monthly payments to what your monthly payments would be if you consolidated your loans.
If you’re just interested in temporarily lowering your monthly payment, consolidation might not be the answer.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is 0,000.The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.There are still many FFEL loans in the system, but as of July 2010, no new FFEL loans are being made. Federal loans, whether through a bank/private lender or the Department of Education, are funded and tightly regulated by the federal government.
Private loans are not subsidized by the government, and therefore are not regulated as closely.
As with the Stafford Loans, there are both Direct and FFEL consolidation programs.