Consolidating private student loans through government

The borrower's loans must also be in a grace period, deferment, forbearance or repayment status at the time of application.Eligible Federal Student Loans include:- All Federal Stafford and Direct Loans- Graduate PLUS Loans- Federal Perkins Loans- Health Professions Student Loans- Nursing Student Loans- Federal Supplemental Loans for Students- Auxiliary Loans to Assist Students- National Direct Student Loans- Federally Insured Student Loans- Federal Consolidation Loans Graduate PLUS Loans can be consolidated as soon as they are disbursed to the school, while Federal Stafford Loans can be consolidated only after graduation.Lenders base payments upon the monthly income and employment status of the borrower, the amount borrowed and other factors.Payments are adjusted annually as the income of the borrower changes.Anyone with eligible Federal Student Loans can get a Federal Consolidation Loan, and can do so without paying loan fees.Interest rates are fixed for the life of the student loan.Rates are based on the weighted average of the interest rates of the loans being consolidated, rounded up to the nearest one-eighth-percent or 8.25 percent, whichever is less.Borrowers do not need a credit card, and the fixed interest rates allow them to avoid future variable rate increases.

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Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school.Variable means that the interest rate can increase at any moment.If you are consolidating both types of loans, you should make sure to keep them separate.You must meet certain eligibility requirements to consolidate student loans received from the federal government.To qualify, the borrower must have one or more appropriate Federal Student Loans with a combined balance greater than ,000.The extended plan allows borrowers to extend the length of a loan up to 30 years, but each lender's repayment terms will vary, often depending upon the balances of your loans.Meanwhile, graduated repayment is tailored for the borrower who will require lower payments for the first few years and can make higher payments afterward.You have four main ways to repay your private, consolidated graduate-student loans.The standard plan involves fixed monthly payments for up to 10 years.There is a difference between consolidating federal and private loans.The most glaring difference is that, with a Federal Consolidation Loan, your interest rate is fixed in keeping with a federal formula, while private consolidation interest rates can be either fixed or variable.

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