Loan consolidation are the reduction of your interest rate (if your credit score has improved since you first got the loan) and lower monthly payments because of extended repayment terms.
For federal loans, you can include any direct loans and up to the total combined remaining balance of those loans. Once you consolidate them, under this program, those loans will be immediately repaid in full on your behalf and you will be paying on a new loan under new terms that you can select under the loan consolidation plan that works best for you.
Consolidation of private student loans varies, so you should contact your lender directly. Be sure to inquire about the interest rate (is it fixed or variable) and about any fees and prepayment penalties. With all the expected changes and rate increases poised to take effect, student loan consolidation can be the answer for student borrowers who have numerous loans with varying high interest rates. Through federal student loan consolidation, borrowers can bundle together their outstanding loans into one easy monthly payment while also saving money over the long term, according to nextstudent, the phoenix-based premier education funding company. In addition, students can extend their payment period.
Through old-fashioned comparison shopping, student loan borrowers easily will find that among the top 20 consolidation lenders, nextstudent’s student loan consolidation program offers the best rates, benefits and incentives.
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