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Unlike federal loans, these loans are not managed by the government.
Instead, your loan is managed by a lending institution, such as a bank, credit union, college foundation, or a state agency.
Repayment of consolidation loans begins within 60 days of disbursement.
Repayment terms can be extended from 10 years up to 30 years, based on the amount consolidated and the repayment option that you choose.
Consider the following resources to help you determine if and when consolidating might be the right option for you: If you have questions about the number of loans you have borrowed, the amount of each loan, or your outstanding balance(s), check with the My Federal Student Aid website or National Student Loan Data System (NSLDS).
A Direct Consolidation Loan allows you to combine multiple federal student loans into one loan, one payment and one fixed interest rate.
You can choose to consolidate your private loans into one loan as well.Each has its own pros and cons, which we’ll get into in a little bit.But in general, here are some of the benefits and potential drawbacks when considering student loan consolidation.Interest rates on private consolidation loans are based on your credit and market conditions, which means your new interest rate will depend on your current credit score.So if you’ve already graduated, landed a job, and have started to strengthen your credit score, you might find that you’re eligible for a lower interest rate than when you initially applied for your existing loans.
Hopefully, you tried to take advantage of financial aid in college — specifically, federal student loans — before turning to private loans, which often carry a higher interest rate and come with fewer borrower benefits.