Consolidating plus stafford loans
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.
I just published this new article which gives new details on how to lower your Parent PLUS Loan payment and even eliminate it for less than you owe using a government program.
Get Out of Debt Guy - Twitter, G , Facebook If you have a credit or debt question you'd like to ask, just click here and ask away.
WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.
You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.
While federal student loans are fixed-rate, private loans can be either fixed-rate or variable.
At first glance, variable rates may look appealingly low — 2.25 percent or 3.25 percent — compared to fixed-rate loans that ask for 6–7 percent interest.
I see a lot of things available to students who have borrowed.
You can consolidate all, just some, or even just one of your student loans.
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.
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.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.