Student loans come in two varieties: federal student loans and private education loans. Most people have government loans because they're easier to get and generally have better terms for repayment, but many have private loans only or both private and federal loans. Have you ever looked into the consolidation of private student loans?
Private loans usually can't be lumped together with government loans. You'll have to do that separately. (Even if you can consolidate your government loans through a private lender, you don't want to. You'll lose the flexibility of government consolidation programs if you do.) Private loans must be consolidated from a private lender, so you're essentially just trading in a bunch of private loans for one private loan.
The main benefit of consolidating private loans is having a single loan instead of multiple ones, so you only need to make one monthly payment. It may also let you choose lower monthly payments if you stretch out the life of the loan-this costs more in interest over the long run but does lower monthly payments.
The interest rate of private consolidation loans may be fixed or variable. They are generally about the same as current rates on home equity loans. So one idea to consider if you have a variable interest rate would be to repay the entire balance of the loan using a fixed interest rate home equity loan. You are effectively giving yourself a fixed rate student consolidation loan!
Private consolidation loans' interest rates are determined by your credit score, so if you know your credit rating has significantly improved since you first took out the loan consolidation might be a really good idea.
It really pays to shop around before signing with any one private consolidation company. Unlike federal consolidation, private consolidation loans' terms are not set by the government so there can be a wide variety between one lender's terms and another's.
All have their own interest rates, repayment schedules, and required monthly minimum payments. The fees a private consolidator charges up front will vary, and some carry prepayment penalties while others don't. This is very important to know about a consolidator before signing with them. You don't want to get your act together, pay off the entire balance early, and then get slapped with a heavy fine for violating the loan terms!
If you've got more than one private student loan from your university days still hanging around, look into consolidation of private student loans and see if it is something that would benefit you. Just be aware to read the fine print of each lender carefully and be sure you understand the terms of the specific company who handles your consolidation.
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