Consolidating federal and private student loans
Deferment or forbearance are always options for short-term relief from payment difficulties.There are also a few refinancing options you may consider.The loan term will be 30 years, which is likely to reduce your monthly payment amount by stretching out the loan term.If you want a lower monthly loan payment, consolidating your student loans will likely do that for you.Are you tired of making multiple student loan payments each and every month?
Like your federal student loans, private student loans may be consolidated into a single monthly payment.
The interest rate on your federal consolidated student loan is fixed.
Like a fixed rate mortgage, this means your interest rate stays the same, keeping your monthly payment amount consistent.
When we’re talking about a Direct Consolidation Loan, the answer is no.
However, there are some options for refinancing or consolidating your federal and private student loans.