Low rate for consolidating student loan
In this case, you cannot re-consolidate unless you have added another federal student loan to your total loans since then.
Can I consolidate my student loans if I’m currently in default?
Calculate How Low Your Payment Could Be Consolidating your federal student loans is an excellent way to lower monthly payments and enroll in a long-term loan forgiveness program.
Private student loan consolidation (sometimes known as refinancing) is a very important option to consider when dealing with private student loans.Since private student loans cannot be consolidated through the Federal Direct Lending Program, you cannot count on a federal loan forgiveness program to help you out. The basic requirements for private loan refinancing include the following: What types of federal student loans are eligible?Only direct federal student loans can be consolidated under this program. You are typically able to consolidate after you graduate, leave school, or fall below half-time enrollment. Federal consolidation does lower your interest rate, it simply takes a weighted-average rate of the loans you already have.Student loan refinancing doesn’t just allow borrowers to take more control over your loan – it also gives them the opportunity to save money!Whether you have federal student loans, private student loans, or a combination of the two, there are some very big differences between the two when it comes to consolidation.
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After you identify and separate your federal and student loans, you can begin to explore your loan consolidation options.