Are you tired of making multiple student loan payments each and every month?At Lending Tree, we understand it can be difficult and time-consuming to keep track of all your different student loan payments.Based on your creditworthiness, lenders may offer you a reduced interest rate on your consolidated private loans. Having a single monthly payment also makes it easier to keep track of your payments.Private student loans often come with a variable interest rate, meaning your monthly payment amount can change.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.There are five main options for student loan debt relief.These options include loan consolidation through a private lender or the federal student loan consolidation program, student loan refinancing through private lenders, deferment or forbearance of loans for financial hardship, and loans that are forgiven, canceled, or discharged.
These may include repayment options, like income-based repayment, as well as student loan forgiveness options.
When we’re talking about a Direct Consolidation Loan, the answer is no.
However, there are some options for refinancing or consolidating your federal and private student loans.
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.