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How to Consolidate Student Loans, consolidate student loans.#Consolidate #student #loans


How to Consolidate Student Loans

Consolidating student loans can make educational debt easier to manage. Instead of having to handle payments for a series of student loans, you ll have one single monthly payment that covers everything. Only federal student loans are eligible for consolidation. The interest rate is fixed for the life of the loan and based on the weighted average of the interest rates of each loan being consolidated.

Determine Eligibility

You generally can consolidate student loans after you graduate, leave school or drop below the half-time level. At least one Federal Direct Loan or Federal Family Education Loan has to be in either the grace period or repayment process. If you want to consolidate a loan that s in default, you have to either make satisfactory repayment arrangements with your lender or agree to repay it under one of the Department of Education s payment plans that tie payments to your income level.

Get Application and PIN

Apply for a consolidated student loan at StudentLoans.gov. You ll need your Federal Student Aid personal identification number, or PIN, in addition to your personal information. If you don t already have a PIN, request one online at www.pin.ed.gov. Once you re signed in, you can complete the Federal Direct Consolidation Loan Application and sign the promissory note. Or you can print out a paper application and mail the forms in if you choose. You ll generally mail the paperwork to whichever loan servicer you select. Addresses for each can be found at StudentLoans.gov.

Select Your Servicer

When filling out the application, you ll choose the loans you want to consolidate. In addition, if you have loans you don t want to consolidate, you ll list those separately. They won t be included in the consolidation, but the amounts can then be considered when determining the maximum repayment period. You ll then pick the loan servicer you want to handle the consolidation from among the options provided by the Department of Education. As of publication, the Department of Education has four consolidation servicers: FedLoan Servicing, Navient, Nelnet and Great Lakes Educational Loan Services Inc.

Pick a Payment Option

Select your payment plan; these generally offer the opportunity to pay off the loans in terms ranging from 10 to 30 years. Read the terms and conditions, then confirm the borrower and reference information. Once that s done, review and sign the documents. There are no application fees for a direct consolidation loan and no prepayment penalty.

Complete the Process

Once you finish your application, the loan servicer will complete the process. In the meantime, keep making your current loan payments until you receive confirmation that the consolidation has taken effect. As far as student loans go, what has been consolidated cannot then be torn asunder. Loans are paid off and replaced by the consolidated loan, so they no longer exist. While private lenders may be happy to take on your federal loans, this is rarely is a good idea for you, as you ll lose the rights and benefits you have with the individual loans before the process and with the consolidated loan afterward.


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Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.


FinAid, Loans, Student Loan Consolidation, how to consolidate student loans.#How #to #consolidate #student #loans


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How to consolidate student loans

How to consolidate student loans

How to consolidate student loans

How to consolidate student loans

Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.


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Fannie Mae Student Loans

Fannie Mae student loans are one of the most popular types of education loans. These loans are meant to help students have money for college in a convenient manner. Unlike most student loans, Fannie Mae student loans have a low interest rate. This education loan program is basically offered by the government to help the students who cannot manage to pay for college out of their pocket. Students can repay the amount that they get once they graduate. Availing this kind of student loan helps students concentrate on their studies rather than being worried about how to manage the cost of their education.

Benefits of Fannie Mae student Loans

Fannie Mae student loans have a number of advantages. Firstly, these loans are very easy to apply for when compared to other types of financial aids. The low rate of interest is another benefit that students can enjoy by having this type of education loan. The multiple repayment options also make these loans a great choice for students who want to get money for their studies but do not want to go through the hassle of following tough repayment plans. Students who cannot manage to repay the loan can also get additional time to repay the amount, which is not the case with most education loan programs.

Fannie Mae Student Loan Consolidation

Fannie Mae student loans consolidation is another useful program for the students. The ones who have completed their students and are facing tough time paying off their student loans can apply for this program and consolidate their multiple repayments into a single payment. This way they can easily manage to pay their education loans without missing payments or disturbing their other expenses to pay off their loans.

Fannie Mae Deferment Program and Other Programs

Fannie Mae also offers deferment program through which students can get additional time to repay their loans. Also, Fannie Mae student loans forgiveness is financial aid service offered by Fannie Mae that allows students to get federal assistance in order to have a part or the entire loan forgiven.

How to consolidate student loans


Student Loan Consolidation vs Refinancing, SoFi, consolidate student loans.#Consolidate #student #loans


Student Loan Consolidation

Student Loan Refinancing

Refinancing your student loans sounds great. But it’s not for everyone.

Consolidating student loans via refinancing is best for people whose financial position – in terms of employment, cash flow, and credit – has improved since they graduated from school. People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.


How to Consolidate Student Loans, consolidate student loans.#Consolidate #student #loans


How to Consolidate Student Loans

Consolidating student loans can make educational debt easier to manage. Instead of having to handle payments for a series of student loans, you ll have one single monthly payment that covers everything. Only federal student loans are eligible for consolidation. The interest rate is fixed for the life of the loan and based on the weighted average of the interest rates of each loan being consolidated.

Determine Eligibility

You generally can consolidate student loans after you graduate, leave school or drop below the half-time level. At least one Federal Direct Loan or Federal Family Education Loan has to be in either the grace period or repayment process. If you want to consolidate a loan that s in default, you have to either make satisfactory repayment arrangements with your lender or agree to repay it under one of the Department of Education s payment plans that tie payments to your income level.

Get Application and PIN

Apply for a consolidated student loan at StudentLoans.gov. You ll need your Federal Student Aid personal identification number, or PIN, in addition to your personal information. If you don t already have a PIN, request one online at www.pin.ed.gov. Once you re signed in, you can complete the Federal Direct Consolidation Loan Application and sign the promissory note. Or you can print out a paper application and mail the forms in if you choose. You ll generally mail the paperwork to whichever loan servicer you select. Addresses for each can be found at StudentLoans.gov.

Select Your Servicer

When filling out the application, you ll choose the loans you want to consolidate. In addition, if you have loans you don t want to consolidate, you ll list those separately. They won t be included in the consolidation, but the amounts can then be considered when determining the maximum repayment period. You ll then pick the loan servicer you want to handle the consolidation from among the options provided by the Department of Education. As of publication, the Department of Education has four consolidation servicers: FedLoan Servicing, Navient, Nelnet and Great Lakes Educational Loan Services Inc.

Pick a Payment Option

Select your payment plan; these generally offer the opportunity to pay off the loans in terms ranging from 10 to 30 years. Read the terms and conditions, then confirm the borrower and reference information. Once that s done, review and sign the documents. There are no application fees for a direct consolidation loan and no prepayment penalty.

Complete the Process

Once you finish your application, the loan servicer will complete the process. In the meantime, keep making your current loan payments until you receive confirmation that the consolidation has taken effect. As far as student loans go, what has been consolidated cannot then be torn asunder. Loans are paid off and replaced by the consolidated loan, so they no longer exist. While private lenders may be happy to take on your federal loans, this is rarely is a good idea for you, as you ll lose the rights and benefits you have with the individual loans before the process and with the consolidated loan afterward.


FinAid, Loans, Student Loan Consolidation, consolidate student loans.#Consolidate #student #loans


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Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.


3 Ways to Consolidate Loans, consolidate loans.#Consolidate #loans


How to Consolidate Loans

Loan consolidation can save you money if done right. You consolidate loans by rolling all your little loans into one bigger one. To come out ahead, you need to find a consolidation loan with a low interest rate and a reasonable term. You can consolidate using a personal loan or a balance transfer credit card. If you consolidate student loans, you have other options.

Steps Edit

Method One of Three:

Finding a Personal Consolidation Loan Edit

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Method Two of Three:

Using a Balance Transfer Edit

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Method Three of Three:

Consolidating Student Loans Edit

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How to Consolidate Student Loans, how to consolidate student loans.#How #to #consolidate #student #loans


How to Consolidate Student Loans

Consolidating student loans can make educational debt easier to manage. Instead of having to handle payments for a series of student loans, you ll have one single monthly payment that covers everything. Only federal student loans are eligible for consolidation. The interest rate is fixed for the life of the loan and based on the weighted average of the interest rates of each loan being consolidated.

Determine Eligibility

You generally can consolidate student loans after you graduate, leave school or drop below the half-time level. At least one Federal Direct Loan or Federal Family Education Loan has to be in either the grace period or repayment process. If you want to consolidate a loan that s in default, you have to either make satisfactory repayment arrangements with your lender or agree to repay it under one of the Department of Education s payment plans that tie payments to your income level.

Get Application and PIN

Apply for a consolidated student loan at StudentLoans.gov. You ll need your Federal Student Aid personal identification number, or PIN, in addition to your personal information. If you don t already have a PIN, request one online at www.pin.ed.gov. Once you re signed in, you can complete the Federal Direct Consolidation Loan Application and sign the promissory note. Or you can print out a paper application and mail the forms in if you choose. You ll generally mail the paperwork to whichever loan servicer you select. Addresses for each can be found at StudentLoans.gov.

Select Your Servicer

When filling out the application, you ll choose the loans you want to consolidate. In addition, if you have loans you don t want to consolidate, you ll list those separately. They won t be included in the consolidation, but the amounts can then be considered when determining the maximum repayment period. You ll then pick the loan servicer you want to handle the consolidation from among the options provided by the Department of Education. As of publication, the Department of Education has four consolidation servicers: FedLoan Servicing, Navient, Nelnet and Great Lakes Educational Loan Services Inc.

Pick a Payment Option

Select your payment plan; these generally offer the opportunity to pay off the loans in terms ranging from 10 to 30 years. Read the terms and conditions, then confirm the borrower and reference information. Once that s done, review and sign the documents. There are no application fees for a direct consolidation loan and no prepayment penalty.

Complete the Process

Once you finish your application, the loan servicer will complete the process. In the meantime, keep making your current loan payments until you receive confirmation that the consolidation has taken effect. As far as student loans go, what has been consolidated cannot then be torn asunder. Loans are paid off and replaced by the consolidated loan, so they no longer exist. While private lenders may be happy to take on your federal loans, this is rarely is a good idea for you, as you ll lose the rights and benefits you have with the individual loans before the process and with the consolidated loan afterward.