Consolidating college loans federal
Your grace period is determined by your loan and is the time period between when you graduate, drop below half-time status, or leave school and the time your first payment is due.
The following loans are eligible for a Direct Consolidation Loan: If you include an additional Direct Loan or FFEL Program loan in your consolidation, you may be able to consolidate an existing consolidation loan, as well.
If your parent took out a PLUS Loan on your behalf, you cannot consolidate this loan under your name if you are a dependent student, however.
The Direct Consolidation Loan application has more information on which loans are eligible.
Federal student loans are generally the most attractive loan options due to their low and fixed interest rates and flexible repayment plans.
You'll convert all of those loans into a new private loan in the process.
Check out Common Bond's student loan consolidation page for more details on refinancing and consolidation options.
You'll also preserve the robust benefits of federal student loans, such as Income-Based Repayment, that private lenders don't offer.
However, you'll need to carefully consider your personal situation in order to make this decision - since the interest rate you'll receive is a weighted average among all your existing loans, rounded to the nearest 1/8 of a 1%, you might actually raise the overall amount you pay in interest.
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You may also qualify for a low interest rate, which can net you significant savings over the life of your loan.