Consolidating student loans direct lending

The loans will be extended for a period of up to 30 years, depending on your loan balance.

Your payments are reduced to reflect this lower payment.

To help ease the burden of student loan payments, many borrowers opt to consolidate or refinance their student loans.

Both options have the potential to help you pay your student loans off quicker and pay less interest along the way, but there’s a lot of confusion around how they work, how they differ, and whether they’re right for you.

(For background reading, see .) You took out one loan per semester.

If you began this process before July 2010 – when all federal loans started coming directly from the U. Department of Education – you may have borrowed through the Federal Family Education Loan Program. If you finished in four years, you could have ended up with as many as eight different loans from up to eight different banks.

This compensation from our advertising partners may impact how and where products appear on the site (including for example, the order in which they appear).Sallie Mae private student loans allow borrowers to defer payments until after graduation, have no initiation fees, and can be obtained in amounts up to the entire cost of annual tuition plus expenses.Federal Direct Consolidation Loans help to combine multiple loans into one, eliminating separate payments and simplifying the process.I haven’t met a single person with student loans who doesn’t want them gone as soon as possible.It’s hard enough to start a career or raise a family, and when a large chunk of your income is going toward student loans every month, it can feel downright impossible.

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Sallie Mae began as a federal entity designed to market loans to students across the United States.

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