Information on consolidating private student loans
Borrowers in default may also consolidate in certain circumstances.Consolidation was previously available to borrowers while they were still in school. Congress also eliminated joint consolidation for spouses, effective July 1, 2006.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.So Fi excludes the above refinancings in an effort to maximize transparency on how we calculate our average lifetime savings amount and to minimize the risk of member data error skewing the average lifetime savings amount.“So Fi refinancing my student loans probably saved around K. Or, call us for a free consultation about your particular situation.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
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.
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.