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Posted by / 16-Mar-2017 14:57

Www consolidating student loans com

[Show example, with interest rates.] If you’re not sure about the differences between unsubsidized and subsidized loans, we cover this in another video.

[Flash intro video] Now as you can see, keeping track of these loans might get complicated—especially if you’re making payments to different loan servicers.

If you have multiple student loans, consolidation can offer some simplicity to your repayment.

Essentially what happens when you consolidate is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.

This process will also combine all the loans you refinance into one convenient payment.

While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.

However, our team also researched other institutions and found some good alternatives for people that want to consider all options before they begin the process of refinancing or consolidating student loans. If you’re concerned about lowering your monthly loan payments, consolidation could be a good option for you.

So if you feel like your interest rate is too high, refinancing could help.And you can often get a lower monthly payment because you will have a longer repayment period – so there are some trade-offs to keep in mind.Let’s look at an example of getting a federal consolidation loan—you can also get a private consolidation loan if you have private loans, but we’ll get to that in a minute. Fifteen thousand dollars in subsidized loans with a 3.5% interest rate, and then two different unsubsidized loans: a loan of ,000 with a 4% interest rate, and a loan of ,000 with a five percent interest rate.For example, borrowers with federal student loans can take advantage of federal income-driven repayment programs, or benefits like loan forgiveness, which borrowers with private student loans typically don’t have access to.Consolidating your student loans Let’s take a look at a few of the pros and cons of consolidating your student loans.

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On top of that, most federal student loans have 10-year repayment terms, starting from six months after you graduate from college.