Consolidating private student loans blog flirtomatic dating
You can use a private consolidation loan to streamline existing private loans, existing federal loans or a combination of federal and private loans.
Unlike the federal consolidation program, your finances will be pored over by a lender to determine if you qualify for a consolidation loan and what sort of deal you might be offered.
A layoff, a serious illness or maybe you decide to go back to school and your reduced income makes it hard to keep paying back your existing loans.
Getting schooled on the differences of each option will help you choose the student loan consolidation that makes the most sense for you. You are not permitted to add any private student loans you obtained from a bank or credit union into loans you want to consolidate through the Federal Direct Consolidation Loan program.
government, such as Stafford loans, Perkins loans and parent PLUS loans can be consolidated into a Federal Direct Consolidation Loan.
A co-signer is legally responsible for making loan payments if you fall behind.
Many private student consolidation loans charge a variable interest rate.