Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? The online application should then only take you about 30 minutes to complete. It's important to gather your application information ahead of time, especially since you're required to complete your application in one session.
You’ll need to know if you have private student loans or with private student loans — when you refinance).
Federal Direct Consolidation Loans allow you to combine multiple loans into one while keeping all of the benefits of federal student loans.
As a result, your monthly installment decreases and you become debt free fast.
Once you apply for a consolidation loan, all your previous loans would be paid off by this new loan and you will owe just one loan thereafter.
So it's always advisable to consolidate student loans, before you fall behind. Federal consolidation loan is a new loan that replaces all your student loans that you owe.
The interest rate of this new loan is considerably low.
No negative entry will be there in your report and it will definitely have a positive impact on your credit.
That is why student loan consolidation is regarded as a nice tool to improve your score.
To identify your current plan with Great Lakes, and to investigate other plans, select tab to estimate your monthly payment under various repayment options.