The other caution is that consolidation might take away benefits attached to some of your loans, such as discounts on the interest rate or principal rebates.
For more discussion of this issue, see Federal Loan Consolidation Options Under the College Cost Reduction and Access Act of 2007, the federal government expanded its consolidation options for federal student loans – especially the variety of repayment plans. Payments last up to 25 years, so monthly payments will be lower but you will pay more interest.
If you’re a Stevens graduate student repaying multiple student loans, you may want to consider loan consolidation to simplify your monthly loan payments.
Learn more about the pros and cons of loan consolidation below.
Meanwhile, figures from The College Board showed that in 2013 to 2014, colleges continued to hike tuition costs (though somewhat less than in the past).
At public four-year colleges, the average was 2.9%; at private colleges and universities, 3.8%.
This website will help you determine whether you’re eligible.
For more information, read Two Types of Loans The rules for consolidation are different depending on the type of loan you have. They may be serviced by companies other than the Department of Education, but they are still considered government loans.
You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one! Consolidating allows you to merge multiple eligible loans into a single loan.Consolidation will greatly reduce the number of payments you have to make each month.You may still have more than one payment, but it will be less confusing.Mostly this involves some form of consolidating your loans into one or two monthly payments that are easier to handle and keep on top of. Some people with federal loans are eligible for partial or full loan forgiveness (you don’t have to pay back the money you borrowed).