Can i save money by consolidating my student loans

04-Dec-2016 12:38

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.

This means, for example, that a Perkins Loan on its own cannot be consolidated into a Direct Loan.

can i save money by consolidating my student loans-46

Direct consolidation loans are now the only type of federal student consolidation loan.

Consolidation was previously available to borrowers while they were still in school. Congress also eliminated joint consolidation for spouses, effective July 1, 2006.

(see box below), You can consolidate during grace periods.

If you decide to refinance, you should compare multiple lenders to see who offers you the best rate.

You can consolidate all, just some, or even just one of your student loans.

Direct consolidation loans are now the only type of federal student consolidation loan.

Consolidation was previously available to borrowers while they were still in school. Congress also eliminated joint consolidation for spouses, effective July 1, 2006.

(see box below), You can consolidate during grace periods.

If you decide to refinance, you should compare multiple lenders to see who offers you the best rate.

You can consolidate all, just some, or even just one of your student loans.

Further, borrowers with joint FFEL consolidation loans, according to the Department, may not reconsolidate into Direct Loans and therefore are not eligible for public service loan forgiveness. The fixed rate is based on the weighted average of the interest rates on the loans at the time of consolidation, rounded up to the nearest one-eighth of a percentage point.