Consolidating your federal student loans

Posted by / 21-Jul-2017 18:05

If you have loans whose benefits you don’t want to lose, you can leave them out of the consolidation process.

And you don’t have to consolidate at all if you don’t want to; it’s just an option.

With an average balance of ,400, student debt is a big part of the average college graduate's life.

However, you could get the best of both worlds by choosing a federal consolidation loan and accelerating your repayment schedule.

If you’re accumulating interest during your grace period, though, and you can afford to start making monthly payments, you’ll save money in the long run by foregoing the grace period.

Another reason why you might not want to include all your loans in a consolidation loan is if you have one or more loans with a significantly higher interest rate than the others.

Below we've ranked the leading student loan refinancing and consolidation companies. Easily select your loan type, educational level, and loan amount to compare loan companies that meet your selected criteria.

It is free to apply and the process usually takes about 15 minutes. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.

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Federal student loan consolidation is free; there is no application fee, and you don’t need to work with a private company that wants to charge you money to help you consolidate your loans. Most federal student loans can be consolidated, including Federal Direct Loans, Stafford loans (discontinued in 2010 and now made through the Direct Loan program), Perkins Loans and FFEL loans.

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