Consolidating federal and private student loans

03-Sep-2019 12:35

The consolidation process can be started by applying through this portal from the Department of Education.Completing the application usually takes less than half an hour, but it is several weeks or even months before the entire process is complete.If you are unhappy with your repayment plan, interest rates, or Navient customer service but unable to pay off your loan, consolidating your loan could be the solution to your problems. At its most basic level a new lender pays off your old student loans. Borrowers can consolidate some or all of their loans. At the end of the consolidation process, your old loans are paid in full and you now how to pay off a new loan with newer, and hopefully much better terms.If you are looking to consolidate Navient loans there are two processes you can go through. There are major differences between the two choices, so it is critical you make an informed decision.We may receive compensation when you click on links to those products.For an explanation of our Advertising Policy, visit this page.As a result, it really pays to apply at a number of places to find the best rate.Our full list of student loan reviews should provide a useful starting point in your research and hopefully offer some insight on the other companies out there.

If you are hoping to convert your private loans into federal loans to get on IBR or qualify for student loan forgiveness, you are out of luck.Student loan consolidation offers ways to get lower payments, lower interest rates, and pay off your loan faster.This article contains references to products from one or more of our advertisers.Consolidation with a Private Lender – In order to consolidate with a private lender, a borrower must pass a credit check in order to get approved.At that point the borrower provides the new lender specific loan information so that the old loans can be paid off.

If you are hoping to convert your private loans into federal loans to get on IBR or qualify for student loan forgiveness, you are out of luck.

Student loan consolidation offers ways to get lower payments, lower interest rates, and pay off your loan faster.

This article contains references to products from one or more of our advertisers.

Consolidation with a Private Lender – In order to consolidate with a private lender, a borrower must pass a credit check in order to get approved.

At that point the borrower provides the new lender specific loan information so that the old loans can be paid off.

Absent an act of Congress, this financial move is not possible.