Consolidating all student loans
Those include the option to tie payments to income and get loans forgiven if you work for the government or a nonprofit.Like the federal government, private companies offer the option to consolidate multiple student loans into one. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Private consolidation is often referred to as refinancing.
offer benefits and protections that do not transfer to private lenders.Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors.If you’re considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead.Here’s how: Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.But it’s only for federal loans, and it won’t cut your interest rate.