Consolodating school loans
Consolodating school loans - cathy cauthen dating
Any in-school consolidation options you may find will be confined to private student loans.Shop very carefully; any opportunity to even apply for consolidation loans while you’re in school are rare.
Don’t worry about the impact on your credit score of applying to multiple lenders: so long as you complete all of your applications within 14 days, it will only count as one inquiry on your credit score.Since opportunities for applying for student loan consolidation while in school are now obsolete, the next best option you should look for are incentives given for grace period consolidation.Many FFELP lenders offer decent interest rate reductions for borrowers that consolidate during grace periods.Remember that, in general, you cannot consolidate private and federal loans.Also, maintain a good credit score to be considered for better interest rates after school.Once you refinance, you may lose flexible Federal payment options that can help you if you genuinely can’t afford the payments you have today.
Check the Federal loan repayment estimator to make sure you see all the Federal options you have right now.
Some allow you to apply during your grace period and let you ride out the rest of the grace period.
Private consolidation loans terms will certainly welcome your application during your grace period, but don’t bet on getting the same interest reduction as reward.
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Instead, you should look at options to avoid a default on student loan debt.