Consolidating private student loans federal student loans dating prehistoric pottery
Having multiple loans can be tough to manage – different amounts due, different payment due dates, and a lot more statements to keep track of.
By combining your loans into a single loan, you can have one single bill, and you may even be able to lower your payments.
According to Student Aid.gov, the following types of student loans are eligible for consolidation: • Direct Subsidized Loans • Direct Unsubsidized Loans • Subsidized Federal Stafford Loans • Unsubsidized Federal Stafford Loans • Direct PLUS Loans • PLUS Loans from the FFEL Program • Supplemental Loans for Students (SLS) • Federal Perkins Loans • Federal Nursing Loans • Health Education Assistance Loans • Some previous consolidation loans When you consolidate your Federal student loans, you will get a new loan through the Department of Education, which you can then setup a repayment plan that works for you.
The interest rate will also be fixed at the current Federal Direct loan rate.
In addition, if you use a hardship-based program like an IBR, you must certify your income to enroll.
Variable means that the interest rate can increase at any moment.
Ideally, you would qualify for debt consolidation after graduation.