Consolidating private and federal loans Swingers dating online

You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.

If your loans are already with one of those servicers, you can stay or choose a new one.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

Additionally, you’ll get a new loan term ranging from 10 to 30 years.

I contacted student loan guru Mark Kantrowitz at Fin, who says just three lenders still offer consolidation: Chase, Student Loan Network, and Wells Fargo. You should also know that there are no fixed rates on consolidated private loans; your interest rate will probably be tied to a benchmark like the prime rate, so when that rises, so will the rate on your loan.

The tool shows you how much you’d pay per month on the various plans.

The remainder of the application involves filling in basic personal information and providing names of two references who have known you for at least three years.

After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.

If you have Perkins loans, think twice before consolidating them; you’ll lose access to Perkins loan cancellation if you do.

Federal loan servicers are private companies that manage federal loans for the Department of Education.

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