Consolidating college loan money


26-Apr-2017 11:49

If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.

consolidating college loan money-1

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In most cases, this process can take less than 30 minutes.The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.Yet despite the appeal — and its popularity — student loan consolidation isn’t for everyone.

Here are some frequently asked questions and answers that may help determine if it’s the right move for you.In those cases, you may be able to have another go at it.The following types of loans are eligible for consolidation: Yes, a married couple can jointly consolidate their loans, but it may not be a good idea.Current law dictates that you can only consolidate once, so if you consolidate at a 6 percent interest rate and rates later drop to 3 percent, you’re out of luck.



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