Learn more about federal student loans Private loans, also referred to as alternative education loans, are backed by private lenders, while federal loans are backed by the U. The first part of your plan is providing a snapshot of your overall financial picture to a trusted partner of
Your options are determined by the amount of debt you carry and the current difficulty you have in fulfilling your monthly obligations.
You’ll start making your one new payment immediately on your consolidated federal student loans. government offers you several repayment plans, including some that give you a maximum of 25 years to pay off your student debt, while others are tailored to your income and family size.
If you’re paying off federal student loans, you are one of nearly 37 million borrowers with outstanding student debt. You can even switch your plan if your needs change.
You can consolidate all, just some, or even just one of your student loans.
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.
Unsecured student loan debt is looked upon more favorably by lenders when it comes to evaluating your credit worthiness.
Feel good knowing you solved your debt issues by being proactive.Private student loans are granted and managed by regular lending institutions – banks, college foundations, various state agencies – and typically charge a higher fixed or variable-interest rate than federally funded loan programs.