However, if your choice lies between consolidating existing loans while paying more interest over time and falling behind in your individual loan payments, you should take the consolidation loan.As you see, deciding whether consolidation is the right course for you depends not only on your current situation but also on the terms of the new loan. Department of Education (USDOE) has established a well-documented system of rules for federal student loan consolidation, and each private lender has its own guidelines for acceptable consolidation plans.A cosigner is someone who shares responsibility with the borrower for repaying the loan.The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.Discounts reduce the amount of interest you pay over the life of the loan.The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.A common misconception is what exactly student loan consolidation and student loan refinancing are, how they are different, and which might be the best choice for a borrower to alleviate some of his or her student loan burden. Loan consolidation means combining multiple loans into one single loan.
The assistant is called the Financial Awareness Counseling Tool (FACT), and it consists of a series of tutorials based on information from your own government loans, using that information to create a personalized analysis of your financial situation and offer appropriate advice.
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You'll have one payment each month and one interest rate that's based on your current loans' rates.
Refinancing works in somewhat the same way as consolidation, except private lenders (and not the federal government) offer refinancing of your federal or private loans into one loan.