Consolidating stafford and perkins loans

Consolidating those loans can eliminate some of the confusion, says financial aid expert Mark Kantrowitz, publisher of "Consolidation can make it easier to repay student loans by streamlining repayment and replacing multiple loans with a single loan," Kantrowitz said via email.This is not a one-size-fits-all solution, though, and experts suggest graduates consider four things before consolidating.1.What you owe: Borrowers need to understand more than just their loan balance.

If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).

However, if the inverse is true, then consolidation warrants a serious look.

Graduates entering fields such as social work, where salaries don't increase significantly over time, may benefit from consolidation and an income-based repayment plan, she says.

Consolidating allows you to merge multiple eligible loans into a single loan.

Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.

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