Start Consolidating college school loans

Consolidating college school loans

Unlike federal loans, it can be trickier to get your private loans consolidated.

One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.

Regardless of how the market fluctuates, borrowers will never pay more than 8.25 percent on their consolidation loans.

Some are better than others, so make sure to look at the varying terms of each one -- staying away from charges or origination fees and checking the maximum interest rate so you won't get burned down the road.

This is often the reason that people cite when they say you shouldn’t combine federal and private loans.

Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.

These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times.


 
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18-Dec-2016 03:18