Www consolidating student loans com
If you have multiple student loans, you may want to consolidate them at some point.
Consolidating basically means taking out a brand new gigantic loan to pay off all of your smaller loans.
Among the inconveniences of student loans is that each loan that you receive for each school year is often considered a different loan — and it has to be repaid separately, with its own interest rate.
When I finished my graduate degree, I had five different student loans for attendance at two different universities, with various interest rates.
Let’s look at an example of getting a federal consolidation loan—you can also get a private consolidation loan if you have private loans, but we’ll get to that in a minute. Fifteen thousand dollars in subsidized loans with a 3.5% interest rate, and then two different unsubsidized loans: a loan of ,000 with a 4% interest rate, and a loan of ,000 with a five percent interest rate.Check out the official government site for all the details on eligibility.If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan. Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment. Should I refinance my student loans with fixed or variable interest rates? How do I consolidate or refinance my student loans? How much can I save by refinancing my student loans?