Consolidating student loan programs
If you increase the length of your repayment period, you'll also make more payments and pay more in interest than you would otherwise.
In fact, in some situations, consolidation can double your total interest expense.
When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.
But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.
Consolidation offers lower monthly payments by giving you up to 30 years to repay your loans.
While loan consolidation can simplify loan repayment and lower your monthly payment, it also can significantly increase the total cost of repaying your loans.
You will receive information about repayment and will be notified by your loan provider of the date the loan repayment will begin.
Consolidation loans allow you to combine different types of federal student loans to simplify repayment.
After you graduate, leave school, or drop below half-time enrollment, you have six or nine months before you begin your student loan repayments.Even if you have just one loan, you can also choose to consolidate it. You can consolidate all, just some, or even just one of your student loans.Make sure to carefully consider whether loan consolidation is the best option for you.Check out the official government site for all the details on eligibility.If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan.