Consolidating student loans and private loans

On the other hand, if you are taking advantage of benefits of your Federal student loan, such as income-based repayment plans or forgiveness plans, you should not consolidate your Federal student loans into your private student loans.

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The key here is to look at your own repayment situation and see if a lower interest rate is worthwhile.

According to Student, the following types of student loans are eligible for consolidation: • Direct Subsidized Loans • Direct Unsubsidized Loans • Subsidized Federal Stafford Loans • Unsubsidized Federal Stafford Loans • Direct PLUS Loans • PLUS Loans from the FFEL Program • Supplemental Loans for Students (SLS) • Federal Perkins Loans • Federal Nursing Loans • Health Education Assistance Loans • Some previous consolidation loans When you consolidate your Federal student loans, you will get a new loan through the Department of Education, which you can then setup a repayment plan that works for you.

The interest rate will also be fixed at the current Federal Direct loan rate.

For example, a ,000 Federal student loan at 6.8% will cost a borrower ,619 to repay – ,619 in interest.

By contrast, if that student refinanced into a private student loan, they could significantly lower their interest rate and monthly payments.

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