Consolidating private student loans with federal student loans
In many cases, they can help you achieve a lower monthly rate and a lower interest rate, potentially saving you thousands of dollars over the life of the loan.Many college grads have student loan debt from multiple sources.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
” section before you start and set aside about 30 minutes to fill it out. Enter which loans you do — and do not — want to consolidate. If you pick an income-driven plan, you’ll fill out an Income-Driven Repayment Plan Request form next. If you’re considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead.Consolidating student loans through the Direct Student Loan Consolidation Program can be the right choice if you don’t have a great credit score and you’re in an uncertain financial situation.To begin the process, simply go to If you also have private student loans, or if you’re in a strong financial situation with a good credit score, the smart thing to do is find out what a private lender can offer you. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. There are two types of student loan consolidation: federal and private.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.The government offers plans that cut payments to 10% or 15% of “discretionary” income and offer forgiveness on the remaining balance after 20 or 25 years. If you have a large loan balance and a low income, income-driven repayment is probably your best option for the lowest monthly bill.