Can I consolidate both Federal and private student loans?
I have about $23k in student loans with a little more than half being federal. I am not too familiar with consolidation so I am wondering if this is something I should do? And the companies that consolidate both federal and private?
- 하하Lv 79 years agoFavorite Answer
Private loans cannot be consolidated with federal loans, no. The only way really to do that is to take out a brand new loan to pay off all the old ones. That would be a personal loan with most likely far worse terms and you'd have to have excellent credit to even be considered.
- AlexLv 79 years ago
With only 23k, you probably don't need to consolidate unless you're having trouble finding a job. The monthly payments from that shouldn't be too high. But no, you can't consolidate them together. Consolidation reduces monthly payments by combining multiple loans with a shorter repayment time into one loan with a longer one.
- kanatzarLv 44 years ago
My daughter consolidated inner maximum and federal. (maximum federal are rather privately held besides, in simple terms federally backed/insured in case of default) there are various companies that consolidate. My first suggestion may be do no longer consolidate with Sallie Mae or the others that originally write the loans on your college. they often are much less very own to handle and experience that they've you ever already, so do no longer might desire to be aggressive. in case you do a seek and learn the recommendations, you will detect a consolidation plan superb for you. quotes of pastime and words exchange, and there is no person corporation which will extra healthful all financial desires. in simple terms be sure you get all your loans indexed once you consolidate. Your financial help place of work might desire to have the skill that may assist you detect all of them. My daughter ignored one, so had to pay it one after the different. thankfully it grew to become into sufficiently small that she in simple terms paid it off thoroughly. i comprehend that doesn't provide you a particular corporation to look for, yet optimistically it provide you a commence in the superb course.