If you are considering consolidating your loans, one mistake that you definitely want to avoid is combining your private loans with your federal government loans.The primary reason is that no matter how good the rate or terms offered by a private loan consolidation, they almost never will be as good as those offered by a federal government consolidation.
And because there are no penalties for prepayment, you can pay ahead on a direct consolidation loan any time you wish.
There is no application fee when you apply for a direct consolidation loan and the fixed interest rate that you pay depends on the interest rates of the loans you are consolidating.
“I have private student loans, are you able to help me find a way to consolidate to get a lower interest rate? “I see all these programs for federal loans, but what if you have private student loans with two different banks?
Is it possible to consolidate and if it is, any organization you would suggest? Yes, there are options for private student loan consolidation but it’s a much different animal than federal student loan consolidation, and it’s crucial to understand how it works before going into it.
If your credit score has climbed since you first took out your private student loans, you may want to think about consolidating your loans to nab a lower interest rate.
If you don’t know where you stand with your credit score, you can Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser.
It's important to note that neither public nor private student loans can be discharged in bankruptcy.
That means that no matter what, you're stuck with these loans, and if you fail to pay them back, your wages can be garnished. If you have bad credit, student loans can be a source of real concern.
There are more lenders offering these loans than before, and each year the number grows.