Should You Consolidate?

Is it time to consolidate your student loans?  Are you ready to reduce the number of payments you make each month, and potentially lower the amount you pay?  You might even be able to fix in at a lower interest rate.
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Student loan consolidation allows you to combine all of your existing student loans into one new consolidation loans, with simplifying your loan repayment.  By consolidating your student loans, you will not only have only one loan to repay, but you can potentially reduce your monthly payment in the process.  Additionally, federal student loans give you the opportunity to fix your interest rate at a new, potentially lower rate.

There are two main consolidation loan options; federal student loan consolidation and private student loan consolidation.  Depending on the type of student loans you want to consolidate, you could be eligible for both.

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Federal Loan Consolidation

You may be eligible to consolidate into a federal student loan consolidation if you have:

  • Stafford, PLUS, or other federal student loans
  • Any federal loans currently in grace, repayment, deferrment or forbearance
  • At least $5,000 in federal student eduction loans
  • No loans can be in default 

Private Student Loan Consolidation

You may be eligible to consolidate into a private student loan consolidation if you have:

  • Bank, credit union, or school provided private student loans
  • Good credit, or a Co-Signer with good credit
  • Already graduated from or will soon graduate
  • At least $5,000 in student loans in aggregate
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