Who is consolidating student loans

But you can’t combine these loans with any private loans you have, as part of this process.You will get a new rate with federal consolidation, but it is the weighted average of all your old loans you are consolidating (rounded up to the nearest one-eighth of 1%).Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.When you refinance more than one loan with a private lender, multiple loans are combined into one loan (this is the part of refinancing that is called loan consolidation).The only way to lower your interest rate on your federal loans is to refinance your student loans.You receive a phone call from someone claiming to be an IRS agent who claims that you owe a "federal student tax." If you don't make immediate payment, the caller threatens arrest or a lawsuit from the IRS.

If the money you borrowed was all federal loans, you can find easier repayment options by applying for a Direct Consolidation Loan.

Federal loan providers do not check your credit when offering loans, which is a great program for those seeking education at 18, but after you graduate and your finances improve, you can often qualify for a lower rate.

You can refinance private or federal loans and you can pick and choose which loans you want to refinance.

You can consolidate your student loans through the federal website at no cost.

If you ever have a service trying to charge a fee to consolidate federal loans, that’s a scam.

Leave a Reply