Consolidating tuition answer loan
Like federal consolidation, refinancing allows you to combine your loans intotake this 7-question quiz to find out.
Now, since there isn't just one option as with consolidating through the federal government, you need to compare lenders before applying.
Or you may want to pick and choose and leave some loans out of the equation.
Since you'll be in a long-term relationship with your lender once you refinance, you want to make sure that not only their rates and loan terms are good but that they'll respond appropriately when you need by completing an initial inquiry with your top two or three choices.Before you jump head-first, it's important to understand how student loan consolidation works. Consolidation works by combining several several loans into a single monthly payment.If you have federal student loans, you have two options for consoldation: through a Direct Consolidation Loan or by refinancing through a private lender. This not only simplifies your student loan repayment, but it can also lower the monthly amount you pay toward student loan debt.If you have private loans, or a mix of federal of private, you can consolidate by taking out a new loan through a private lender. Because consolidation works a little bit differently depending on which types of loans you have, we are going to tackle consolidation from several different angles: However, it's important to know that the interest rate on your Direct Consolidation Loan is not always lower.Instead, the rate is calculated by taking the weighted average of the interest rates on your existing loans and then rounding up to the nearest one-eighth of 1%. So, i the Federal Loan Consolidation Information Call Center at 1-800-557-7392.