Consolidating student loans and private loans

20-Apr-2017 11:38

The benefits of refinancing your private student loans are typically two-fold.First, you get a single monthly payment for all of your previous private student loans.On the other hand, if you are taking advantage of benefits of your Federal student loan, such as income-based repayment plans or forgiveness plans, you should not consolidate your Federal student loans into your private student loans.Your Federal benefits will disappear if you do this, and you’ll end up owing the full balance of your loan over time.This makes repayment and financial management easier.

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If your Federal loans are at 6.8%, and you aren’t taking advantage of any of the special repayment plans, you may benefit by consolidating to a private student loan with a lower interest rate.

If you want to combine your Federal and private student loans together, you have to do it through a private lender.