This will decrease the chances of accidentally missing a payment, and the lower payment will help you budget month-to-month.
Student loan consolidation won’t strengthen your credit rating directly, but the benefits of consolidation can ensure your score continues to trend upward.
Both federal and private lenders recognize that lower monthly payments help may be the best option, if you don’t get the job you want immediately after graduating from colleges.
Find out more about the choices debt consolidation offers.
Ideally, you would qualify for debt consolidation after graduation.
However, you also could qualify when you leave school or are enrolled less than half-time.
The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.The form asks basic questions (name, social security number, date of birth, address, etc.); what loans you do and do not want to consolidate; and what repayment plan you will be using.There also is a section detailing certifications, terms and conditions and borrower’s rights and responsibilities.There are no fees associated with the Direct Consolidation Loan process. Your student loan servicer should be able to answer any questions you have about student loan debt consolidation.To contact your student loan servicer log into your federal student aid account and look for contact information.Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.If you have a tremendous job that pays really well and no dings on your credit report when you leave school, you could find a lender willing to give you a break on interest to get your business. well, it never hurts to ask All federal and private student loans are installment loans and considered good debt because it represents an investment in your future.Having installment loans in addition to revolving credit like credit cards is great for your credit mix, which makes up 10% of your credit score.Before you commit, however, compare the Direct Student Loan Consolidation with the consolidation and refinancing programs available in the private sector.When you consolidate student loans through private lenders, you essentially are refinancing your loans.