Consolidating federal graduate loans

Now that you know it’s an option and you understand how it works, you can better assess whether it’s right for you.Though there are two major sources of student loans — federal and private – the federal side dominates the action, both in amount of money available and loan repayment programs.And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.There is no hard and fast rule about student loan consolidation, other than be sure to do your research.

If you did borrow money for college, chances are you received a new loan each semester.

But if your income is over a certain threshold, you won’t benefit from these programs.

And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a through the refinancing process won’t make sense for every borrower, but it provides great benefits for some.

It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.

If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.

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