Consolidating student loans with the federal government

If you don’t care about the extra cash and just want a consolidation for the simplicity of a single monthly payment, you can use any money you save to pay down the principal.

(There are no prepayment penalties for student consolidation loans.) If you’re just finishing college, you’ll want to consolidate your loans after you graduate but before your grace period ends, so that you can take advantage of the lower in-school interest rate. You’ll need to complete all the paperwork and have it processed and approved before repayment begins.

In recent years, the issue of student loan debt has grown in scope from obscure to national.

Student loan forgiveness and consolidation have likewise taken on a larger profile, particularly consolidation.

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.

Others may offer repayment plans that better suit your financial situation.

Some offer favorable terms like interest-rate reduction for making on-time payments or choosing automatic withdrawal.federal (or national) student loans, forgiveness programs and how they differ from consolidation, how to apply for a consolidation loan and many others.Despite the appeal — and its popularity — student loan consolidation isn’t for everyone.Private consolidation lenders, on the other hand, are not subject to those terms and may include variable rates and any number of fees.What’s more, some benefits of a federal consolidation loan, such as interest subsidies on deferred loans, are not available on private loans.

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