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A borrower may consolidate education loans made under certain Federal programs into a Direct Consolidation Loan.
Loans consolidated into a Direct Consolidation Loan are discharged when the Direct Consolidation Loan is originated.
All of these could have a financial impact on the total cost of your student loans.
Federal consolidation loans allow borrowers to combine several federal student loans into one loan to streamline loan repayment.
First you should consider if you will lose any good rights or benefits when you consolidate your loans.
You might lose loan cancellation benefits, discounted interest rates, or principal rebates.Additionally, PLUS loans that parents took out on their child’s behalf can’t be consolidated with any loans that their child took out on their own.Is it a good idea to consolidate your student loans?Making timely payments will help you establish a good credit history and demonstrate to other creditors that you are a responsible borrower, a quality that can benefit you for many years into the future.You will generally have up to ten years to repay, and various repayment and postponement options are available if you meet certain requirements. Get organized and keep all your student loan documents together - before and after graduation.Get started by checking your rates online in just two minutes.