Consolidating private student loans federal student loans

20 Dec

Of course, there are also downsides to consolidation.For example, consolidating certain federal student loans could cause the loss of certain benefits, such as reduced interest rates or repayment incentive programs that are available under the loans being consolidated.Managing multiple due dates and lenders can seem complicated; however, many graduates consolidate and refinance their student loans in order to simplify monthly payments and potentially qualify for better rates.If you're wondering what you need to know about consolidating student loans, find answers to the questions you have before consolidating in this guide from Citizens Bank.In many cases, this will make it easier to manage your debt.

With the information below, let us help you understand the basics. Private Student Loans Offered by private lenders like Sun Trust, private student loans can help bridge the gap between the cost of a college education and the financial aid received from federal student loans, scholarships and grants.Learn more about the free services available to you.Don't Pay for Student Loan Help That's FREE How to Make a Student Loan Payment Servicemember Support - We're Here for You Mobile App for Your Student Loans Know Your Repayment Options Top Six Ways to Reduce What You Owe Considering Consolidation?(“Federal” student loans are loans that are made or guaranteed by the U. Department of Education.)There are several reasons to keep federal and private student loans separate.By refinancing federal student loans into a private loan, this can cause the loss of eligibility for deferment, forbearance, forgiveness, and cancellation options, as well as eligibility for affordable repayment plans based on income, which may be available under the federal loans.