We’re one of the country’s leading guarantors and servicers of student loans, serving millions of borrowers, the U. Department of Education, more than 6,000 schools, and 1,100 lenders nationwide.
We provide support to make higher education accessible, the financial aid process simpler, and the possibility of paying for college real. When Hurricane Harvey hit Texas, my (student loan) payment was delayed but I was unaware.
It was only in June (mid year) that I called in to ask about how to pay off one loan at a time, focusing on the loan with the highest interest rate.
But unlike the federal government, they can consolidate both federal and private loans.
The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
I am calling them to have this forbearance removed.
I am praying they will remedy the situation or I will file a complaint with the Consumer Financial Protection Bureau. That was devious and horrible of her, to do something completely against my benefit and without my express permission.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Private consolidation is often referred to as refinancing.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. " There are two types of student loan consolidation: federal and private.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors.
If you’re considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead.
Those include the option to tie payments to income and get loans forgiven if you work for the government or a nonprofit.