Consolidating private law school loans
Consolidating private law school loans - is john mayer dating kim kardashian
Your consolidation lender will calculate the actual repayment term. Eligible loans may be added to your Federal Consolidation loan within 180 days of the date that the consolidation loan was funded. The Office of Financial Assistance recommends that you carefully evaluate the federal loan consolidation program, and make a decision based on your individual need.
Federal Loan Consolidation creates a single, new loan with one monthly payment.Repayment terms will vary based on the percentage you request, your income, and the total loan amount.Pay As You Earn, Income-Based and Income-Contingent repayment options are generally over a 20 or 25 year repayment period.If federal loan interest rates increase, consolidating low interest rate loans may increase overall repayment costs, and the borrower may be locked into a higher interest rate.You can locate prior and current federal loans, including prior consolidation loans, by accessing National Student Loan Data Systems (NSLDS) at Private /Alternative loan repayment options may be available through private lenders, but they may not include the same benefits as the Federal Loan Consolidation program.
For additional information, contact your private loan lender.This website has information on loan amounts, outstanding loan balances, loan statuses and disbursements.In order to access your records on the NSLDS web site you will need to provide the username and password associated with your FSA ID.In order to be eligible for a Federal Consolidation Loan under the Federal Family Education Loan program (FFEL), you must be in the grace period or already in repayment on each loan you select to consolidate.Repayment includes loans that are in forbearance or deferment.Private loan consolidation may allow you to combine multiple federal and private loans into one new loan, and may allow you to substantially reduce the interest rate you are currently paying, depending on your credit profile.