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Student loan debt is a grave concern in modern America.In fact, the amount of debt from student loans topped

Student loan debt is a grave concern in modern America.In fact, the amount of debt from student loans topped $1.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is $30,100.It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.Student loan consolidation or refinancing can be a great tool to use for those looking to save on, or simplify, their monthly payments, but going that route can also have serious consequences if not approached carefully – there are even student loan consolidations scams to be aware of.

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Student loan debt is a grave concern in modern America.

In fact, the amount of debt from student loans topped $1.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is $30,100.

It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.

The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.

.3 trillion at the end of 2016, and 68% of seniors graduating from public and nonprofit colleges have student debt – the average is ,100.It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.Student loan consolidation or refinancing can be a great tool to use for those looking to save on, or simplify, their monthly payments, but going that route can also have serious consequences if not approached carefully – there are even student loan consolidations scams to be aware of.

There are two types of consolidation loans: federal and private, and they each come with distinct advantages and drawbacks.

Federal consolidation loans can only be used for federal student loans, but private consolidation loans can be used for both federal private student loans.

Consolidation loans repay old loans with a brand new loan that has its own unique terms and conditions.

The basics of federal and private consolidation loans are outlined below.

How Federal Consolidation Loans Work Borrowers can combine multiple (at least two or more) federal loans into a single Direct Consolidation Loan (this is the only federal consolidation loan available).

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  1. If you are looking to refinance private loans, take a look at our private loan refinancing options. Federal consolidation is available after borrowers enter repayment, either because they graduated or ceased to be enrolled at least half-time. A federal Direct Consolidation Loan has a fixed interest rate based on the average.

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