You'll benefit from a low rate and you can choose a repayment term that is right for you, ranging from five to 20 years.
Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
A line of credit lets you tap into the equity you've built in your home up to an approved limit.
This simplifies your bill-paying process each month plus reduces the total amount you owe to your creditors.
No matter what type of debt consolidation loan option you’re looking into, it is important to understand how to consolidate debt.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.