Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.
The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.
This section is used to describe eligibility requirements.
You can see some of the common requirements below as well as each lender's specific requirements.
The more you know, the better you will be at managing your student loan debt.Each of these items can make your loans a better or worse candidate for consolidation: Finally, your college’s financial aid office, some of your peers, the Department of Education, or ACCC can offer more advice on your unique financial situation.Use as many reputable resources as you can to get a game plan for debt repayment.Interest rates are quite low for borrowers with federal loans.So consolidating federal loans into private loans isn’t really an option.
Getting all the details, terms and specifications for each of your loans is imperative to making the decision to consolidate or not.