You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
Those include the option to tie payments to income and opportunities for loan forgiveness.
But unlike the federal government, they can consolidate both federal and private loans.
The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.
You typically need a credit score at least in the high 600s to qualify, and rates range from around 2% to more than 9%.
Consider refinancing if you have: Refinancing federal student loans into a private loan means losing consumer protections specific to federal loans.
Up until 2005 private student loans were able to be discharged in bankruptcy.
Once that was eliminated by Congress the private student loans lenders starting pouring out loans like water without regard to affordability or repayment.Student loans are an exploding crisis, and I mean a massively exploding crisis.More is owed today on student loans than on all credit cards.Basically a cosigner has all the liability and none of the benefits of the loan. If these loans are private student loans and not eligible for income based repayment programs from the government then your logical choices are to earn more, ask your father to help pay the loans each month, or if you have other debt that is holding you back from making the payments you should consider bankruptcy.A chapter 7 bankruptcy won't eliminate the student loans but it will terminate other debt in about 90 days and leave you better able to make the private student loan payments.By Steve Rhode WRAL Reader Question Dear Steve, I have had about 5 student loans from Sallie Mae Inc since 2007.