Consolidating signature student loans

To determine if consolidation is right for you estimate your savings with our student loan consolidation calculator.Get Started Now If you have multiple student loans from the federal government, then it’s likely you make multiple payments to various lenders.Other benefits of federal student loan consolidation may include: Potential loss of borrower benefits is the primary drawback of consolidating your federal student loans, this being the number one concern for most students.

When we’re talking about a Direct Consolidation Loan, the answer is no.

However, there are some options for refinancing or consolidating your federal and private student loans.

If you have difficulty keeping track of all your student loans, and as a consequence, find yourself missing payments, consolidation will simply all that.

However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.

The interest rate you pay will be the weighted average of the interest rates on all your loans being consolidated, rounded up to the nearest 1/8 of a percent.

Therefore, if you have some loans with a significantly higher interest rate, it could be beneficial to consolidate.

But be aware–once you do so, you’ll lose your borrower benefits on your federal student loans.

These may include repayment options, like income-based repayment, as well as student loan forgiveness options.

There are also seven different education loan repayment plans, which are based on the borrower’s personal financial circumstances.

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