Consolidating private lender student loans

by  |  11-Jan-2020 01:36

While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.

For example, borrowers with federal student loans can take advantage of federal income-driven repayment programs, or benefits like loan forgiveness, which borrowers with private student loans typically don’t have access to.

consolidating private lender student loans-38

You can find each lender below, along with information on rates, terms, and other key details. But remember, lowering your monthly payments could mean that you end up paying more in interest overall.

Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment.

Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is $250,000.

Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.

Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.

Community Discussion