Start How to consolidating student loans

How to consolidating student loans

STANDARD 10-YEAR REPAYMENT PLAN $145/MO, $200/MO, $155/MO $500/MO Over ten years, you’ll pay about eleven thousand dollars $11,000 INTEREST in interest on your original principal of fifty thousand dollars.

Student loan consolidation is the act of putting various (or even one) loan into a new package.

You get some special benefits, and you can structure the loan the way you want.

@4.25% INTEREST Now, entering your loan information into a loan consolidation calculator, you’ll find that consolidating your loans CONSOLIDATED LOAN REPAYMENT PLAN gives you a new repayment period, $50,000 PRINCIPAL, 0, 25 YEARS which is figured based on the amount you owe– the more you owe, the longer this repayment period will be.

$50,000 FEDERAL LOANS Fifteen thousand dollars in subsidized loans SUBSIDIZED, $15,000 PRINCIPAL at a three point five percent interest rate, @3.5% INTEREST and then two different unsubsidized loans: UNSUBSIDIZED a loan of twenty thousand dollars $20,000 PRINCIPAL with a four percent interest rate, @4% INTEREST and a loan of fifteen thousand dollars $15,000 PRINCIPAL with a five percent interest rate.

If you’ve only used one lending source, you may have limited options on who to consolidate with. government are always more borrower-friendly than private student loans. Finally, you can get information on loans and view current rates at this Direct Loan page.

If you’re still in school now, consider getting loans from other lenders so that you have more choice when you graduate. Think carefully before mixing the two types (for example, you'd need a good reason to consolidate federal student loans under with a private lender). You cannot consolidate student loans with your spouse, but joint consolidation was possible before 2006.

STUDENT LOAN And you can often get a lower monthly payment 0, 10 YEARS, PRINCIPAL, INTEREST because you will have a longer repayment period— 0, 25 YEARS so there are some trade-offs to keep in mind.