Questions about consolidating student loans

As with the Stafford Loans, there are both Direct and FFEL consolidation programs.

To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.

Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.

A cosigner is someone who shares responsibility with the borrower for repaying the loan.

The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.

Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.

Contact your loan servicer to consider alternative options such as switching repayment plans or requesting a deferment or forbearance.

However there are some differences in repayment options.Prior to July 2010, there was also a federal Family Education Loan Program (FFEL), also known as the guaranteed loan program.These loans were made by private lenders and guaranteed by the government.Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.Discounts reduce the amount of interest you pay over the life of the loan.

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