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Borrowers can apply for either federal student loan consolidation or private student loan consolidation. While federal student loan consolidation and private student loan consolidation programs offer similar benefits when consolidating student loans, each has their own advantages and disadvantages.
Borrowers can apply for either federal student loan consolidation or private student loan consolidation. While federal student loan consolidation and private student loan consolidation programs offer similar benefits when consolidating student loans, each has their own advantages and disadvantages.
Federal Student Loan Consolidation VS. Private Student Loan Consolidation
Whether student loan holders should apply for a federal student loan consolidation or private student loan consolidation depends on a number of factors. The first factor is the the number of student loans that you hold and how you want to organize and manage your finances. Another factor is whether you have federal student loans, private student loans, or both to consolidate. e-Student-Loans generally recommends consolidating federal student loans first, and then private student loans. In most cases federal student loans and private student loans cannot be consolidated together.
e-Student-Loans believes there are certain benefits of federal student loan consolidation that private student loan consolidation cannot offer. In general, federal student loan consolidation programs will offer lower and fixed interest rates, some repayment plans are calculated based on the income and family size of the borrower, and there are loan forgiveness and deferment options offered as well.
Although some private lenders will offer terms and conditions that are similar to federal student loan consolidation, we urge people to take advantage of our FREE CONSULTATION, to discuss which student loan consolidation program best suites your needs.
The terms of private student loans consolidation and federal student loans consolidation programs may differ. While you're likely to get the lowest interest rate from federal student loan consolidation programs, e-Student-Loans will also be able to help you apply for private student loan consolidation, as in most cases federal student loans and private student loans cannot be consolidated together. We also recommend consolidating seperately as borrowers may lose some of the benefits offered with either the consolidated federal or private student loans.
There can be significant differences between private student loans consolidation and federal student loans consolidation programs. e-Student-Loans can help you compare programs and answer any questions you have in order to determine a solution that meets your goals.
Call us at 800-639-3043 or Apply Now for your FREE CONSULTATION and FREE PRE-APPROVAL!