Pros and cons of consolidating student loans British milf dating
There are two types of student loan consolidation: federal and private.Private consolidation is often referred to as refinancing.When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.There are major benefits and drawbacks of federal consolidation; it’s important to understand both because consolidation can’t be undone.Private student loan consolidation, or refinancing, means replacing multiple student loans — private, federal or a combination of the two — with a single, new, private loan.This can make managing loan payments cumbersome and time-consuming. Here’s an introduction to loan consolidation — what it is, how it works, and the potential benefits and drawbacks.Loan consolidation means combining student loans from one or many lenders into one new loan from a single lender.
You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.