Consolidating federal and private student loans

by  |  25-Dec-2019 23:12

Here's what you need to know before deciding to consolidate student loans.

Ideally, you would qualify for debt consolidation after graduation.

However, you also could qualify when you leave school or are enrolled less than half-time.

As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.

You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

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