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Consolidating federal and private student loans

These are private lenders who will consolidate all your loans.

Like your federal student loans, private student loans may be consolidated into a single monthly payment.There are also seven different education loan repayment plans, which are based on the borrower’s personal financial circumstances.Make sure you carefully research all your options, and weigh the pros and cons before taking action.But be aware–once you do so, you’ll lose your borrower benefits on your federal student loans.These may include repayment options, like income-based repayment, as well as student loan forgiveness options.This is done through a private lender such as a bank or credit union.Unlike federal loan consolidation, private student loans often come with a variable interest rate when consolidated.Other benefits of federal student loan consolidation may include: Potential loss of borrower benefits is the primary drawback of consolidating your federal student loans, this being the number one concern for most students.Borrower benefits that could be lost include: Other drawbacks include paying more interest.If you have difficulty keeping track of all your student loans, and as a consequence, find yourself missing payments, consolidation will simply all that.However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.

59 comments

  1. The Best Student Loan. Consolidating or refinancing student loans are two popular options. You want to combine your federal and private student loans.

  2. College Ave helps borrowers refinance existing federal or private student loans. Consolidating loans with a private. Student Loan Consolidation and Refinancing.

  3. One of the biggest myths when it comes to student loans is whether you can combine your Federal and private student loans. Consolidating Your Federal Student Loans.

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