Student loan consolidation is the act of taking existing student loans, either private or federal, and combining them into a new loan. The new loan is typically taken out at a lower interest rate than previous loans, which makes the monthly payments lower.
In addition to lower monthly payments, individuals with multiple student loans from various sources will be able to combine all the loans into one loan. This helps to simplify monthly payments as there is only one payment to be made instead of having to make multiple payments to various lenders.
Private Student Loan Consolidation
Lenders and other financial institutions are capable of consolidating public and private student loan debt for borrowers. Finding the right lender or program can be a daunting task requiring hours of research. We make the process of finding a consolidation partner fast.
Federal Student Loan Consolidation
The U.S. Department of Education is the lender for all federal direct consolidation loans. The agency doesn’t require a minimum amount of debt to qualify. Typically, the minimum consolidated payment is about half the current monthly obligation.
Student Loan Forgiveness
Depending on the type of loan you have, there are plans available that may eliminate a large portion or even all of your debt. Different careers have different requirements for loan forgiveness. Here are just a few options that may be available to you.
What is Student Loan Consolidation?
College graduates who are forced to make high monthly payments on their existing student loan debt may be able get some relief from those high payments. Student loan consolidation offers college graduates a chance to lower the monthly payments of both federal and private student loans.
Benefits of Student Loan Consolidation
College graduates can benefit in numerous ways by choosing to go with student loan consolidation. The benefits of student loan consolidation include:
- Ability to reduce monthly expenses
- Ability to create a simplified repayment schedule
- Ability to select loan rate type
- Ability to save money
Additionally, we highly recommend any prospective borrower or anyone searching for more information on student loan relief to visit either https://studentloans.
gov orhttp://www. studentloanborrowerassistance. org/ to find more free information about what your options might be. Both are wonderful resources. Please be informed and know your options.