Is consolidating private student loans a good idea

You’ll need to shop around, but today’s refi marketplace offers minimum loan amounts of ,000 and maximum loan amounts of 0,000.You should continue to make scheduled payments on your loans until 1) you receive a final disclosure from your new lender and 2) you receive verification that your existing loans have been paid in full. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.The federal (Direct Consolidation Loan) program does not allow you to shop around for today’s lowest market rates. The Direct Consolidation Loan program is a federal program for consolidating federal loans only.

top This depends on where you are in the consolidation process.From there, you can either complete and submit the feedback form or select “Additional Information” and contact the Student Loan Support Center at the phone number provided.To ask questions after you have submitted your , contact the servicer for your new Direct Consolidation Loan. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.It is critical that you continue making payments until your consolidation servicer informs you that the underlying loans have been paid off.Your failure to continue to make payments on-time could jeopardize your credit.

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