You can consolidate multiple federal student loans into a single, new federal loan on studentaid.gov. To consolidate (a.k.a. refinance) private student loans, go directly to a private lender.Many, or all, of the
Private student loans can be combined through a process more commonly referred to as refinancing. However, refinancing and consolidation aren’t the same thing, even if they both combine multiple loans into one. How to consolidate federal student loans There are a few steps that need to be comp...
Some federal student loans that aren’t eligible for Public Service Loan Forgiveness can become eligible if you consolidate them into a Direct Consolidation Loan. But if you’re already eligible, check what impact consolidating could have on your progress toward forgiveness. You may experience a del...
How Does Student Loan Consolidation Work? There are two basic ways toconsolidate your student loans. You can do so either through a private lender or the federal government. Only federal loans are eligible for federal consolidation.1 In the case of a private student loan consolidation (often ref...
government or a private loan granted by a private lender. There are different methods of consolidation for each, so it’s crucial to know which type of loan(s) you currently have. Federal Student Loans When you consolidate your federal student loans, some or all of your loans are combined ...
A student loan deferment lets qualified applicants stop making payments on their loans or reduce their payments for up to three years. No interest accrues on federally subsidized loans during the deferment period because the government picks up the interest payments. If the loans are unsubsidized...
4. Federal student loan consolidationTo help lower your monthly payment and make your loans more manageable, you may be able to consolidate your federal student loans into one Direct Consolidation Loan. Keep in mind that, while this can lower your monthly payment, you will have a longer ...
For example, if you have FFEL student loans, you can consolidate them into a federal direct loan. This consolidation allows borrowers to qualify for repayment plans like REPAYE. Parent PLUS loan borrowers can use consolidation to qualify for Public Service Loan Forgiveness. Consolidation also helps...
You could consolidate your loans. Unfortunately, you can only consolidate your federal student loans, and if you do that, it won't lower your interest rate or save you any money. The main reason to consolidate is if you want to be more organized, and sometimes, in applying for a ...
Help with student loan servicer or lender issues Your lender is the entity that gives you the loan. For example, the federal government is the lender for federal student loans. Private student loan lenders can include banks, credit unions, and private organizations, such as Ascent or College ...