If you have private student loans, some lenders do offer products that allow you to consolidate them, potentially at a lower interest rate.
Note that if you consolidate federal loans with private loans, you will lose all the benefits of your federal loans (postponements, repayment plans, etc.)—not just the options listed above.
This site links up with the National Student Loan Data System (NSLDS) to pull all of your student loans automatically into your Consolidation loan.
To keep a loan out of your Consolidation loan (like a Perkins loan), you have to remove it.
If you are going to consolidate, you should probably do it during your first year or two of repayment; otherwise, it might not be worth it.
Remember, your Consolidation loan is a new loan, not an extension of your older loans.
During this process, you also are able to choose your servicer from the list of current Direct Loan servicers.
As an avid DIY-er and single mother of four (two kids and two dogs), Ashley is trying to figure out how to manage a chaotic household budget while balancing saving for her children's college educations and her retirement.
Refinancing your student loans is a hot topic these days.
From coast to coast, there are plenty of new grads (and some old ones too) who are looking for ways to ease the burden of student loan debt.
When my husband was in medical school, that rate was 6.8% which actually makes a big difference when you’re taking out six-figures in federal loans.
So, before you decide whether or not to refinance your student loans, make sure you understand your student loan fine print before making your decision.