Must I Combine My Student Education Loans? What Exactly Is Education Loan Consolidation?
Private Figuratively Speaking
With a federal Direct Consolidation Loan if you’ve got private loans, you can’t consolidate them. Many loan providers or banking institutions will assist you to combine your loans that are private one lump sum under one rate of interest. Since your price is actually decided by your credit rating, a less-than-stellar score could suggest you’re set for a bumpy trip. Not only this, however their interest levels are often more than a consolidation that is direct of federal loans. Double ouch.
There clearly was a silver lining though. If you’re getting slammed by loans with adjustable rates of interest, speak to your loan provider about combining your loans under one new interest rate that is fixed.
Personal and Federal Student Loans
You probably have a mix of both private loans and federal loans if you’re like most graduating students. Read more →