In those cases, you may be able to have another go at it.
The following types of loans are eligible for consolidation: Yes, a married couple can jointly consolidate their loans, but it may not be a good idea.
These, in turn, can yield more possibilities as far as reducing your monthly payments and total amount of student debt.
A good credit history is also ideal if you are planning to refinance.
Fin maintains a list of student loan institutions, including large banks; private companies like Sallie Mae; and state education system lenders like the Missouri Higher Education Loan Authority and the Utah Higher Education Assistance Authority.
You should do enough research to be able to negotiate the most favorable terms.
Private consolidation lenders, on the other hand, are not subject to those terms and may include variable rates and any number of fees.
They will, then, replace those loans with a new, consolidated loan and a new monthly payment.
(There are no prepayment penalties for student consolidation loans.) On sites like Student Loans.gov, the student loan consolidation process must be completed in one single session.
In most cases, this process can take less than 30 minutes.
Student loan consolidation is the process of taking multiple outstanding loans and reorganizing them into one monthly payment.
Consolidation loans like the Stafford Loans, for example, can help make this possible with Direct and Federal Family Education Loan (FFEL) consolidation programs.
If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.
You can get a consolidation loan from any private lending institution with government approval, or from the Department of Education itself. Some offer favorable terms like interest-rate reduction for making on-time payments or choosing automatic withdrawal; others may offer repayment plans that better suit your financial situation.
Timing is everything: You’ll need to complete all the paperwork and have it processed and approved before repayment begins.
The downside is that your grace period will end once your consolidation loan goes through.
If you need more cash in your pocket right now, consolidation can help by extending the life of your loan and thus trimming your monthly payments — although the length of your repayment terms will depend on the amount of debt you have, and you may not be able to extend at all.
But if interest rates are low you can lock in long-term savings, since less of your money will go to interest.