Eligible consolidating lenders Mobilefcuk
That being said, like all student loan services, its always advisable to shop around for the best deal.
Another lender may offer lower interest rates and better terms on their consolidation loans, and students may find that they can benefit from switching to another lender.
Students can use our Self Assessment Quiz to see if they fall into the category of those that would benefit from student loan consolidation.
Students with outstanding Federal Direct Loans may be able to take advantage of the government’s Federal Direct Consolidation Loan.
A lender agrees to pay off an individual’s outstanding student debt, including interest, fees and penalties, and underwrites a new loan for the borrower.
This new loan will come with its own terms and conditions, including interest rates, attendant fees and repayment schedules.
While the term “consolidate” implies a combing of outstanding loans, it is a misnomer.
The borrower’s debt is not actually combined to create a single loan.
It may take some time before students realize their full earning potential, and it can be difficult for some graduates to keep up with their loan repayment plans.
To be eligible, students must be members in good standing of their college’s alumni association.
Student loan consolidation offers a way for graduates to effectively deal with the burden of their college debt.
A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.
View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.