Best consolidatings student loans information
Managing multiple due dates and lenders can seem complicated; however, many graduates consolidate and refinance their student loans in order to simplify monthly payments and potentially qualify for better rates.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
When you consolidate through the federal government program, you can only consolidate federal loans into a new loan with a fixed interest rate, which is determined by averaging your current rates.
When you consolidate privately with the Education Refinance Loan from Citizens Bank, you can consolidate both federal and private student loans into a new loan with your choice of either a variable or fixed rate.
For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.
Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.