Consolidating private federal student loans together

Consider federal consolidation if you: When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.Some private lenders will include federal student loans in a private refinance.Other private lenders refinance only private student loans.wiki How is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. Most students need to borrow money to pay for college, and many struggle to make their payments after graduation.To create this article, 25 people, some anonymous, worked to edit and improve it over time. If you are juggling more than one payment on your loans (whether they are federal, private, or both), or if your federal loans are currently in default status, consolidation may help you manage your debt and protect your credit.

The government offers plans that cut payments to 10% or 15% of “discretionary” income and offer forgiveness on the remaining balance after 20 or 25 years. If you have a large loan balance and a low income, income-driven repayment is probably your best option for the lowest monthly bill.

We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.

To do this, many or all of the products featured here are from our partners. Private consolidation is often referred to as refinancing.

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.

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