Consolidating private law school loans
Making the Decision to Consolidate Your Student Loans Consolidating Your Federal Student Loans Consolidating Your Private Loans Community Q&A Most students need to borrow money to pay for college, and many struggle to make their payments after graduation.
If you are juggling more than one payment on your loans (whether they are federal, private, or both), or if your federal loans are currently in default status, consolidation may help you manage your debt and protect your credit.
This is often the reason that people cite when they say you shouldn’t combine federal and private loans.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
At Lend EDU, we help borrowers compare the top student loan companies in one place.Plus, as a member, you’ll have access to a whole lot of perks: career strategy services, customer support seven days a week, invites to So Fi events, and more.Get started by checking your rates online in just two minutes.Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
You may pay more in the long run, but for now, you’ll be able to make just one monthly payment – and it may be considerably lower than your current loan payments.