Start Consolidating student debt

Consolidating student debt

However, private loans can’t be included in a federal consolidation loan.

In this example, there are three students that each have three loans.

A federal student loan consolidation calculator provided by US Bank was used to calculate the weighted average.

For an explanation of our Advertising Policy, visit this page.

Over the last month we have been getting bombarded with reader questions about student loan consolidation.

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.

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.

This gives the company legal rights to act on your behalf with your student loan companies. This site gives you a free saving estimate of what you could save by consolidating and refinancing your student loans in 30 seconds.

That's scary that you're letting these people act on your behalf! The trouble is, you shouldn't be paying someone for this! As for the best student loan consolidation program? These companies are charging anywhere from $300 to $1,500 to “help” you with your student loan debt. The bottom line is that you can do it all yourself without paying their fees. Then, if you go forward with your private consolidation, you can receive and compare offers from many lenders after completing a single short form.

They use marketing tactics to make you think that you have to pay for their services to get student loan consolidation, but you don't.