Refinancing and consolidating
Refinancing and consolidating - dating ex
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " There are two types of student loan consolidation: federal and private.
After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.As the cost of tuition increases, the number of people taking out student loans in order to be able to afford college continues to grow, as well.After you have finally completed your diploma and hopefully found the job of your dreams, the loan repayments quickly come speeding back.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.If your loans are already with one of those servicers, you can stay or choose a new one.If you choose an income-driven plan, you’ll be asked to provide income information on the application by granting access to your IRS tax information.
You can opt out, but you’ll have to submit a copy of your most recent federal tax return directly to your loan servicer after you finish the consolidation application.As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.You have to complete the application in a single session, so do your research before you start.Here’s how: Federal student loan consolidation basics How to consolidate federal student loans Student loan refinancing basics Compare student loan refinance lenders When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.