Consolidating subsidized and unsubsidized stafford loans

Posted by / 18-Dec-2017 22:34

Consolidating subsidized and unsubsidized stafford loans

Borrowers do not need a credit card, and the fixed interest rates allow them to avoid future variable rate increases.You must meet certain eligibility requirements to consolidate student loans received from the federal government.However, some borrowers can qualify for the government's Extended Repayment Plan.Borrowers who consolidate student loans through the Federal Consolidation Loan Program can refinance one or multiple student loans into one new fixed-rate loan.Interest rates are fixed for the life of the student loan.

Lenders base payments upon the monthly income and employment status of the borrower, the amount borrowed and other factors.Now that you are facing the stress of dealing with the repayment of your student loans, you may want to opt for consolidation.Consolidating student loans can be tricky, and several factors need to be taken into consideration when making your decisions.The standard plan involves fixed monthly payments for up to 10 years.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.

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You should also determine where you are in the repayment process, like whether you are in a grace period.

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