Is consolidating my student loans a good idea
When you consolidate your loans, you can extend your repayment period to as long as 30 years, making your monthly payments lower.You may also gain access to income-driven repayment plans and Public Service Loan Forgiveness that you wouldn’t qualify for otherwise.We hope after you are done you can make the best choice to refinance your student debt with.Here are Lend EDU's top picks for the best student loan consolidation and refinancing companies: Student loan refinance is a hot topic these days.Today, 7 out of 10 graduates are graduating with some form of student loan debt.With an average balance of ,000, student debt is a big part of the average college graduate's life.Borrowers can select the loans they would like to refinance or consolidate, So Fi pays them off, and then borrowers pay off a new loan issued from So Fi.So Fi aims to help undergraduate and graduate borrowers lower their monthly payments and obtain lower interest rates.
After you graduate, leave school or drop below half-time enrollment – in other words, once you enter your loan’s grace period or repayment period – you become eligible for federal student loan consolidation.
Instantly view loan options from ,000 to 0,000 using our student loan refinance comparison tool.
Easily select your loan type, educational level, and loan amount to compare loan companies that meet your selected criteria.
If you consolidate all your federal student loans, you’ll end up with one convenient monthly payment to one loan servicer, and your new, fixed interest rate will be the combined weighted average rate of all your old loans rounded up to the nearest 1/8 of a percent. Department of Education through Student or print out an application and apply by mail.
Federal student loan consolidation is free; there is no application fee, and you don’t need to work with a private company that wants to charge you money to help you consolidate your loans. Most federal student loans can be consolidated, including Federal Direct Loans, Stafford loans (discontinued in 2010 and now made through the Direct Loan program), Perkins Loans and FFEL loans.
It is free to apply and the process usually takes about 15 minutes. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.