Government help consolidating student loans kettenreaktion bauen online dating
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.
[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
The remainder of the application involves filling in basic personal information and providing names of two references who have known you for at least three years.
After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.
Private consolidation is often referred to as refinancing.
The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.If your loans are already with one of those servicers, you can stay or choose a new one. 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. " 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. We're on your side, even if it means we don't make a cent.