This can be attractive to borrowers because the consolidation frequently results in longer repayment periods and lower monthly payments.
My first hesitation was when I got spooked by the cost of three more years of schooling.
But, if I’m being honest, it wasn’t just the price that scared me. If I had been, I would probably be working as a lawyer now, regardless of the cost of law school.
Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.
Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.
Even if your rates seem high, t he Department of Education puts a cap on consolidation loan rates at 8.25 percent.
One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.
I wanted to be a writer and, frankly, there’s no need for a graduate degree to make that happen.
Writers just have to write, write, and write some more until it works out.
Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. Refer to the complete list of federal student loans eligible for consolidation in the application.
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.
Rather, going to law school just seemed like the logical thing for someone with a degree in the humanities to do.