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If you continue borrowing for graduate school, add another 4-6 lenders to the mix.
Each of these student loans has its own due date, interest rate and payment amount.
However, if you’re making enough money right out of the gate and very dedicated to repaying your loan, the fastest, most efficient method is to go with the standard repayment program and get it done in 10 years …
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. There are two types of student loan consolidation: federal and private.
Federal loans can be consolidated in the Direct Consolidation Loan program.
You combine all federal student loans into one loan that has a fixed interest rate.
For example, if you made three years of qualifying payments for Public Service Loan Forgiveness, then consolidate your loans, you would lose the three years of qualifying payments and the clock would start over again.The major difference between refinancing and Direct Loan Consolidation is that with refinancing you negotiate a fixed or variable interest rate that should be lower than what you were paying for each loan individually.The lenders take into account your credit score and whether you have a cosigner in determining your interest rate.However, if federal loans are part of your refinancing, you lose the repayment options and forgiveness programs they offer, including deferment and forbearance.Those last two items can be crucial if you run into financial complications while repaying your loans.