If you did borrow money for college, chances are you received a new loan each semester.
It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.
By financing through Credible, John was able to pay off his loans 5 years faster than he would have been able to with an alternate lender.
Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
One of the best places to start looking is the federal Direct Consolidation Loan program.But before you head down that road, here’s what you should know.If, like many college graduates, you have multiple student loans, you’ve probably heard the term “student loan consolidation” thrown around more than once when talking about repayment options.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.Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.