Consolidating private law school loans
This website has information on loan amounts, outstanding loan balances, loan statuses and disbursements.In order to access your records on the NSLDS web site you will need to provide the username and password associated with your FSA ID.Private loan consolidation may allow you to combine multiple federal and private loans into one new loan, and may allow you to substantially reduce the interest rate you are currently paying, depending on your credit profile.However, it is important to understand that you will lose the extended deferment, forbearance, and repayment plan benefits of any federal loans you consolidate through a private lender.Once the grace period or an approved period of deferment has ended on your federal student loans, the higher in-repayment interest rate will be used to calculate your weighted average fixed rate.Therefore, your fixed interest rate for the Federal Consolidation Loan will be higher if you consolidate after your grace period or approved deferment. There is no credit check to obtain a Federal Consolidation Loan.
There is no application fee for this federal program and you must go through one of the U. Department of Education’s approved consolidation servicers. The best resource for federal loan consolidation information is the lender through which you borrowed your federal loans, however, you’ll first want to understand the basics of consolidation by reviewing the information from the Federal Student Aid site.Extended Repayment - Under an extended repayment schedule you can repay your Federal Consolidation Loan over a 25-year period, on a fixed or graduated payment plan, if you have federal loans totaling in excess of ,000.Once your loan has been funded, you will receive a Federal Loan Consolidation Disclosure Statement and Repayment Schedule from the servicer of your new Consolidation loan. There are no extra costs or penalties to switch plans, and you can do so once a year.When you take out a loan or refinance, we cover the cost of a child’s education in the developing world.Our partnership with Pencils of Promise has provided schools, teachers, and technology to thousands (and counting!