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Student loan consolidation

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Student Loan Consolidation Edit

 The process of combining one or more eligible education loans into a single new loan. 

Here are some factors you should consider when deciding if consolidation is right for you:Edit

  • Are your monthly payments manageable? If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, a consolidation loan may help you.
  • Too many monthly payments driving you crazy? If you send payments to more than one lender every month, and want the convenience of a single monthly payment, consolidation may be right for you.
  • What are the interest rates on your loans? If you have variable interest rates on your Federal education loans, you may want to consolidate.
  • How much are you willing to pay over the long term? Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay.
  • How many payments do you have left on your loans? If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments.

Which consolidation loan is right for you?Edit

Federal Loan Consolidation You may be eligible if you have:

  • Stafford, PLUS, Perkins, or other federal student loans
  • At least $5,000 in federal education loans
  • Any federal education loans in grace, repayment, deferment, or forbearance (and not in default)

Private loan consolidation You may be eligible if you have:

  • Private student loans from banks, credit unions, or schools
  • At least $5,000 in private student loans
  • Good credit or a cosigner with good credit
  • Graduated from or will be graduating from a postsecondary program of study

Student Loan Consolidation Calculator - See how much your monthly payments would be if you consolidated

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