Consolidating student loan drawbacks

While you can’t outrun your student loan debt, you do have options for getting it under control. With a loan consolidation, a lender pays off your various student loans and gives you a new, single loan, often at a lower interest rate. Private loans can only be consolidated through a credit union or bank.

Federal student loans can be consolidated through the U. Some lenders, like Alliant, will consolidate both federal and private student loans.

These include: term extension, Income-Based Repayment (IBR), loan forgiveness programs, and the Federal Direct Consolidation Program. While this will lower your monthly payment, the extension of your term will also increase the amount of interest you pay over the life of the loan.

You can view the various federal repayment options here (

Loan consolidation means combining student loans from one or many lenders into one new loan from a single lender.

Loan consolidation won’t reduce your overall debt, but it may make your current monthly payment more manageable.

BBB asks advertisers to substantiate their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

Consider the following about federal and private student loan consolidation: Federal Student Loan Consolidation The information contained herein is being provided as-is and without representation or warranty.

I often get this question when I talk to people about refinancing student loans.

The answer is a thunderous "maybe." A lot has changed in the student loan landscape over the last 10 years (and even in the last year).

Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration.

Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.

Search for consolidating student loan drawbacks:

consolidating student loan drawbacks-90consolidating student loan drawbacks-68consolidating student loan drawbacks-62consolidating student loan drawbacks-43

Leave a Reply

Your email address will not be published. Required fields are marked *

One thought on “consolidating student loan drawbacks”