Consolidating student loans into direct loan
There is no fee to consolidate federal student loans into a Direct Consolidation Loan. I have a good job, but I have more than 0,000 in college loans from different banks coming due in two months. A: First, check to see if you have any federal loans, like Staffords.And I am going to be straight with you: Private college loans are not ideal at any time, especially now, when many lenders have left the student loan business or curtailed their lending in the wake of the financial crisis. With a private loan consolidation, your FICO credit score will determine both whether you get a loan and what the initial rate will be.I contacted student loan guru Mark Kantrowitz at Fin Aid.org, who says just three lenders still offer consolidation: Chase, Student Loan Network, and Wells Fargo. You should also know that there are no fixed rates on consolidated private loans; your interest rate will probably be tied to a benchmark like the prime rate, so when that rises, so will the rate on your loan.These factors include the repayment term selected and the credit qualifications of you, and your cosigner, if applicable.
Once your loan is finalized, we'll pay off the loans you’ve included in your consolidation and those loans will make up one new loan with one monthly payment to Wells Fargo.With a Federal Direct Consolidation Loan, which is made by the U. All, some, or just one federal student loan can be consolidated under this program. Ford Federal Direct Loan Program, it’s possible to combine one or more federal student loans into one new loan.If your loan is approved, we’ll email you a link when your loan documents are ready to be signed.
You can sign online or print out to sign and upload, fax or mail.Keep in mind that if you reduce your monthly payment by extending your repayment term, you may pay more interest over the life of the loan.