Rates for consolidating student loans
You can use a private consolidation loan to streamline existing private loans, existing federal loans or a combination of federal and private loans. Unlike the federal consolidation program, your finances will be pored over by a lender to determine if you qualify for a consolidation loan and what sort of deal you might be offered.
Certain public service workers may qualify for loan forgiveness in just 10 years.You are asking someone-Mom, Dad, your favorite aunt or uncle- to put their money on the line.A co-signer is legally responsible for making loan payments if you fall behind. Many private student consolidation loans charge a variable interest rate.And the sooner you get your student loans paid off, the sooner you can divert more of your savings to other key financial goals, such as retirement, a home down payment, or perhaps a 529 College Savings fund for your children. Sometimes life gets in the way of staying on pace with monthly loan payments.A layoff, a serious illness or maybe you decide to go back to school and your reduced income makes it hard to keep paying back your existing loans.