Benefits of consolidating private student loans

Yes, as long as you don’t have a wage garnishment against you.

Consolidating your defaulted student loans and enrolling in an Income-Based Repayment plan can be a great way to get a “fresh start” and make your student loan situation much more manageable.

Combining student loans doesn’t just simplify the payment process – it makes it easier to maintain control over the financial future.

We break down the consolidation process into four basic steps: Private student loans and federal student loans have separate consolidation procedures.

Because federal consolidation doesn’t change your rate, if you are a highly creditworthy borrower, you may want to consider private consolidation or refinancing.

benefits of consolidating private student loans-54

Learn more about both kinds of student loan consolidation below, or get in touch with a student loan finance specialist at 1-844-311-1699!

Repayment on a consolidated loan begins immediately, with most borrowers receiving their first bill within 60 days of approval and disbursement of their newly consolidated loan. You can do this by asking the loan servicer of your consolidated loan to delay processing your application until toward the end of your current grace period.

What if I’ve already consolidated my federal student loans?

Further, not all federal loans are eligible to enroll in all income-driven plans. You can also call 1-844-311-1699 to talk to a company focused on assisting borrowers.

For example, Parent Plus loans are only eligible for Income-Contingent Repayment (not IBR, PAYE, or REPAYE programs). There is no application fee for federal student loan consolidation. Am I eligible for private student loan consolidation?

Benefits of consolidating private student loans