Studentloanconsolidating com

Regardless of how the market fluctuates, borrowers will never pay more than 8.25 percent on their consolidation loans.

Private loans can typically only be consolidated with other private loans.

Those seeking consolidation should also review their repayment options at Student gov, so they’re prepared to pick the proper repayment plan.

Once the application is submitted, the federal government estimates that it takes 60 to 90 days to officially complete the consolidation process.

When it comes to consolidation, the types of loans you have matters, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal student loans.

“The interest rate on (federal) consolidation loans is an average of the interest rates on the (federal) loans you’re consolidating,” says Ken O’Connor, director of student advocacy for Fynanz, a New York City firm providing technology for the private student loan market.

Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.

That means if your score isn’t superhigh, you could wind up paying more if you consolidate.

Consolidating both types of loans excludes borrowers from federal protections.

When eyeing consolidation options for private loans only, Mayotte says borrowers should evaluate the new loan’s hardship protections and repayment terms in addition to the interest rate.

Some are better than others, so make sure to look at the varying terms of each one — staying away from charges or origination fees and checking the maximum interest rate so you won’t get burned down the road.

Most also have limits on how much you can consolidate.

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