Sentences with phrase «federal consolidation»

The loan terms for federal consolidation loans can be anywhere up to 30 years, which seems a little bit much if you think about it.

Since 2010, Direct Loan consolidation is the only federal consolidation program.

With federal consolidation, you take out a Direct Consolidation Loan from the government.

The loan terms for federal consolidation loans can be anywhere up to 30 years.

The low interest rates on federal consolidation loans are not available to private education loans.

The range of federal consolidation loans is 10 to 30 years, while private consolidation loans usually range from 5 to 20 years.

It can be used for federal student debt through federal consolidation, or private and / or federal student loans through private refinancing and consolidation.

Private student loans can not be included in federal consolidation loans due to obvious reasons.

For starters, consolidating your loans with a private lender offers the possibility of extending your repayment term, providing relief from high monthly payments like federal consolidation.

Borrowers can combine multiple (at least two or more) federal loans into a single Direct Consolidation Loan (this is the only federal consolidation loan available).

If you have federal loans, you may want to consider federal consolidation as opposed to student loan refinancing.

Additionally, private student loan refinancing accommodates both private student loans and federal student loans while federal consolidation accepts only federal loans.

Note that there are programs such as Federal Consolidation and private refinancing.

This is the largest difference between federal consolidation and private student loan refinancing.

Any eligible federal loans can be combined in a direct federal consolidation loan, regardless of who the loan servicer is.

The savings that can be achieved with this strategy also needs to be weighed against the value of the benefits available from federal consolidation loans.

If you have private loans, those can be grouped together, but not with the federal student loans via federal consolidation.

Unlike federal consolidation, private refinancing results in a completely new loan with new terms and a new interest rate.

With federal consolidation, you take out a Direct Consolidation Loan from the government.

This is not true, technically speaking the interest rate on federal consolidation loans is based on a weighted average of the previous interest rates.

Private student loans do not qualify for federal consolidation.

The range of federal consolidation loans is 10 to 30 years, while private consolidation loans usually range from 5 to 20 years.

Most federal student loans can be combined into one through federal consolidation.

Keep in mind that you can not include private loans in federal consolidation.

For starters, consolidating your loans with a private lender offers the possibility of extending your repayment term, providing relief from high monthly payments like federal consolidation.

While federal consolidation can provide initial relief with payments, it will not save any money over the life of your loan.

This is the largest difference between federal consolidation and private student loan refinancing.

Any eligible federal loans can be combined in a direct federal consolidation loan, regardless of who the loan servicer is.

The savings that can be achieved with this strategy also needs to be weighed against the value of the benefits available from federal consolidation loans.

Borrowers can combine multiple (at least two or more) federal loans into a single Direct Consolidation Loan (this is the only federal consolidation loan available).

With these differences established, the rest of this article will focus on federal consolidation loans.

Both avenues offer benefits, but they differ significantly in one way: private consolidation (commonly referred to as refinancing) typically saves money while federal consolidation does not.

The government offers 7 federal consolidation options.

Consider federal consolidation if you:

Federal consolidation allows you to combine your loans with a new weighted interest rate, and student loan refinancing with a private lender allows you to combine your loans with a new interest rate based on your credit.

Since July 1, 2010, all new federal consolidation loans have been made through the direct loan program, so there is no longer any competition among lenders to attract borrowers.

For example, if you aren't settled into your career or are living paycheck to paycheck, you'll want to stick with federal consolidation so that you don't lose forgiveness and repayment options.

In brief, student loan refinancing refers to the act of consolidating federal or private student loans with a new repayment term and interest rate; federal consolidation refers to the act of consolidating federal student loans with a new repayment term and weighted interest rate.

Federal loans can be consolidated through specific federal consolidation programs.

Federal consolidation simplifies your payment process, but doesn't necessarily reduce interest rate or your debt burden.

According to Walker, the process for federal consolidation typically takes 60 - 90 days.

If you can not qualify for refinancing or have issues with cosigning for your spouse, then federal consolidation is a solid way to get relief and organize your finances.

At any rate, the only opportunities to combine student loans are offered through the ineffective Federal Consolidation Loan program and banks that refinance student loans.

By choosing to provide a mobile number, you are subscribing to receive recurring federal consolidation updates and reminder messages from Student Loan Exchange.

Read on to learn more about federal consolidation.

Married borrowers may not consolidate their federal student loans into a joint federal consolidation loan (years ago such a loan was available, but it was problematic for borrowers and is no longer available).

Federal consolidation programs offer far superior benefits and lower interest rates for consolidating federal student loans.

If you aren't having trouble with payments, consolidation could cost you more in the long term (extending the repayment term may open the door for more interest payments as is the case with Federal consolidation in many cases).

There are other factors to consider (the side benefits of federal consolidation loans for example), and there are additional strategies not covered in this scenario that some borrowers may be able to utilize.

Federal consolidation doesn't require a credit check.