Consolidating direct and non direct student loans patti stanger 10 rules of dating
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People have saved thousands by consolidating higher-interest debts using a single, personal loan, this will not negatively impact your credit.
After consolidating, you have only one interest rate and make only one monthly payment, instead of having multiple rates and payments.
Simplifying your life is a side benefit of consolidation – the main reason people do it is to get a fixed lower interest rate so they can pay their debt down faster.
Alternative lenders may require you to be in active repayment before you can apply.
You may want to contact your private alternative lender, if not listed, to find out if they offer a consolidation loan.
The same is true for student loan debt consolidation, except that federal student loans cannot usually be consolidated with other debts.
Private student loans can be consolidated with other debt in some case – for example by rolling them into a home equity loan (see below).
Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.
Not only do you get one monthly payment and (in some cases) a lower interest rate, but you will also continue to be eligible for benefits that apply to federal student loan borrowers, such as public service loan forgiveness and alternative repayment plans. In fact, private student loans are not eligible for consolidation through the Federal Direct Loan Consolidation Program at all. Two ways to do this are through a home equity loan (for homeowners only) or through education lenders.
Before signing on the dotted line, be sure to evaluate any fees, whether or not the interest rate is fixed, and whether the lender charges prepayment penalties.
This is available to students who have Direct Loans or Federal Family Education Loans.
These loans can be consolidated as long as they are not in in-school status – that means even if a student’s loans are in a grace period, repayment, deferment, or default, they can be consolidated. Well, federal direct consolidation loans can help you in a variety of ways.Go to Fin Aid for a list of education lenders – but remember that for federal loans you will likely get the best rates and benefits by going through the Federal Direct Loan Consolidation Program.