As you already know, there are mainly two ways to consolidate your loans.
You may choose between consolidating your student loans through a federal or a private loan lender. With federal student loan consolidation, you are able to consolidate pretty much any federal loan by using a direct consolidation loan program.
There are many private loan lenders out there who offer student loan consolidation.
Some of these private loan lenders may even let you include some of your federal loans in the private consolidation loan they are going to give you.
You may be able to get a lower interest rate at the beginning, but over time, that interest rate may rise and you could very well end up paying more money than you would have to pay for a fixed interest rate private student consolidation loan with a higher starting interest rate.
"My first student loan payment out of many loans was coming up and it was going to put a huge dent in my pocket.
Having a good credit score will allow you to qualify for a private student consolidation loan with better terms, including lower interest rate.
You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.
After 180 days, you will need to apply for a new Direct Consolidation Loan.
The interest rate on a private student consolidation loan may be variable or fixed.
with a fixed interest rate will have a higher interest rate from the get go, but that interest rate will not change with time.
But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.