Start Conslidating student loans

Conslidating student loans

Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns.

One way to consolidate your debt is to apply for a federal Direct Consolidation Loan.

Often, Direct Consolidation is required in order to enroll in federal programs such as income-based repayment.

While the terms are sometimes used interchangeably, consolidating your loans is different than refinancing them.

However, you can refinance both federal and private loans.

Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.

You might have a mix of both federal and private loans and have several different loan servicers.

This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.

Although consolidating won’t save you money, it can make repaying your loans easier.