Consolidating federal loans with private lender


30-Apr-2018 08:43

You typically need a credit score at least in the mid-600s to qualify, and rates range from around 2% to more than 9%.

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Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.These processes are often confused, but they’re very different.Here’s how: » SIGN UP: Get a free plan to ditch your debt Federal student loan consolidation basics How to consolidate federal student loans Student loan refinancing basics Compare student loan refinance lenders When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You can opt out, but you’ll have to submit a copy of your most recent federal tax return directly to your loan servicer after you finish the consolidation application.

The remainder of the application involves filling in basic personal information and providing names of two references who have known you for at least three years.If you’re a parent with PLUS loans and you also have other federal student loans, you may want to consolidate your PLUS loans in a separate consolidation loan; consolidating them with your other federal loans will make that consolidation loan ineligible for all income-driven repayment plans except income-contingent repayment.