Consolidating student loan programs

23-Mar-2017 07:58

They can consolidate both federal and private student loans, offer unemployment protection and have a fixed rate of 3.250% APR.

Laurel Road boasts an average savings of ,000 for their borrowers over the term of the loan.

Private student loans and federal student loans have separate consolidation procedures.

By separating and being aware of which kinds of loans you have, you will be able to identify what your consolidation options are.

Through the Direct Consolidation Loan program, you can combine your loans (depending on the type) into one loan.

This makes your payments smaller and easier to manage.

Application requirements for student loan refinancing vary between lenders.They also offer interest-only payments for the first few years.Common Bond offers both student loan refinancing and parent PLUS refinancing for parents who took out student loans for their children.Lend Key allows you to consolidate both your federal and private loans into one, allowing you to better manage your finances.

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They offer both a variable (as low as 2.90% APR) or a fixed (3.15% APR) rate.

This means that your interest rate is rounded up to the nearest ⅛ of a 1%, so you may slightly raise the overall amount you pay in interest.

Direct consolidation loans are now the only type of federal student consolidation loan. Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students SLSs, Federally Insured Student Loans FISLs, PLUS Loans, Direct Loans, Perkins.… continue reading »

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