All the information you need to make an educated decision
Private Student Loan Consolidation
Federal Student loans are often not enough to cover the full expense of a college education. Therefore, private loans are sometimes a necessary choice for students seeking higher education. You may have received these private loans from such top loan providers as Citibank, Bank of America, and NextStudent. The next step in repayment is private student loan consolidation.
There are a number of benefits to consolidating your private student loans--if you currently have multiple loans and loan payments and consolidate your private student loans, you would have one monthly payment. You may also be eligible for a lower interest rate. If your current student loan debt exceeds 8% of your income or if you have borrowed more then $5,000 in private loans and are struggling financially, a consolidation loan can help you avoid loan default, which negatively impacts your credit rating.You cannot You cannot consolidate private and federal student loans into a single consolidation loan because you lose the benefits of your federal loan.
If you are disabled, you may be able to temporarily defer repayment of your student loans or if you are permanently and totally disabled, you may be eligible to have your loans discharged (cancelled).
Educational Loan Forgiveness for Public ServiceBeginning in 2017, you may be eligible for loan forgiveness on student or parent PLUS loans if you have worked in a public service position and made payments on thel loans for at least 10 years.
Educational Loan Forgiveness Programs for Teachers and Other ProfessionalsIn addition to student educational loan forgiveness or cancellation programs available to teachers, here are some programs for those in other careers.
Loan Consolidation Repayment Plans: Are They All the Same?Things you should know about educational loan consolidation and the different payment plans that are available.
7 Student Loan Consolidation QuestionsBefore you consolidate your student loans, check out the answers to 7 top loan consolidation questions.
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