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Posted by / 03-Jul-2020 21:19

Consolidating loans pros and cons

Funding is limited, so your best bets for securing a loan are to file early, and meet federal financial aid eligibility requirements.

Over the course of a student’s post-secondary education, he or she may enter into multiple loan arrangements, with private lenders, as well as the Department of Education.

It is important to recognize your current rates, and compare them to potentially lower consolidation options.

Select, economically disadvantaged students are eligible for additional loans through the Perkins program.An application to refinance is much like applying for a new loan at the current interest rate, and your current financial profile and credit score will determine the interest rate you pay.The consolidation can get rid of the headache of managing a number of student loans, and it could even save you money depending on the interest rates.Perkins borrowers may have multiple outstanding loans, but many students also carry federal Stafford Loans, and others issued through the Direct Loan Program.Students with multiple federal loans are increasingly concerned about how they will meet repayment obligations after graduation.

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However, it is private lenders, not the federal government that refinance your student loans, and the interest rate will depend on what the current market rate is in combination with your credit profile.

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