Federal student loan consolidation is done through the William D. Private student loan consolidation, also known as student loan refinancing, is processed through a private lender.
Learn more about both kinds of student loan consolidation below, or get in touch with a student loan finance specialist at 1-844-311-1699!
The basic process of federal loan consolidation includes following: Get all the facts and benefits of federal student loan consolidation.
Private student loan consolidation (sometimes known as refinancing) is a very important option to consider when dealing with private student loans.
Yes, as long as you don’t have a wage garnishment against you.
Consolidating your defaulted student loans and enrolling in an Income-Based Repayment plan can be a great way to get a “fresh start” and make your student loan situation much more manageable.
This eliminates the nightmare of juggling multiple payments at different interest rates.
The next step is to verify that your loans are eligible for consolidation and determine the most viable repayment plan available.
Only direct federal student loans can be consolidated under this program. You are typically able to consolidate after you graduate, leave school, or fall below half-time enrollment. Federal consolidation does lower your interest rate, it simply takes a weighted-average rate of the loans you already have.The last thing you want to do is consolidate your loans into a repayment plan that ends up costing you more!Whether on your own or with a student loan finance specialist by your side, officially starting the process to combine your student loans begins with a lot of paperwork.Those that have a wage garnishment must first go through rehabilitation before being eligible to consolidate.By consolidating, can I take advantage of Income-Driven and Forgiveness Plans if I’m eligible? This is often one of the best reasons to consolidate your federal student loans.
Consolidating your federal student loans is an excellent way to lower monthly payments and enroll in a long-term loan forgiveness program.