Consoldating private student loans

You can extend repayment or graduate your repayments, for example.

You can also reset any existing deferments or forbearance (typically three years) on a student consolidation loan.

That is a sizeable, unwelcome gift to take home from school and it’s important to know how to minimize the damage.

The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.

Your grace period on some loans could end prematurely, or you may end up consolidating at the wrong time – too early or too late.

Not all student loan debts can be consolidated, although most federal loans can.

Not all lenders are alike — each lender will consider different things when evaluating you as a borrower and will offer you different terms and benefits with your loan.

So how do you find the best student loan company for you?

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Maybe standard, 10-year repayment plans are no longer the best option for you.You may end up paying more in total interest after you consolidate your student loan debts.You could lose some of the benefits from your subsidized student loans.Loans that can be consolidated include direct subsidized and unsubsidized loans, subsidized and unsubsidized Stafford loans, direct PLUS loans, SLS loans, Federal Perkins loans and Health Education Assistance loans, among others.Private education loans are not eligible for consolidation.

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