Aside from interest rates, the term length is also important.If you have a longer term length, chances are you will pay a whole lot more since interest is charged at an annual percentage rate.Borrowers may not obtain a federal consolidation loan while they are enrolled in school on at least a half-time basis.
If you have other types of debt to refinance, you can look for a personal line of credit or loan from a bank, credit union, or other financial institution.
In some cases, you can include an existing consolidation loan in a new Direct Consolidation Loan, particularly if you've taken out one or more additional federal student loans. There are no prepayment penalties on federal or private student loans.
Making extra payments is a great way to pay off your loans faster and save money on interest.
Consolidation typically takes 30 to 60 days, but can take up to 90 days.
Student loan consolidation can extend the repayment term, which usually reduces the monthly payment.Balancing undergraduate student loan debt is enough in and of itself, but when you throw in grad school with it things can become pretty overwhelming.