1.You are no more enrolled in college.
2.You should be in a "grace period" or be actively paying your loan back.
3.A lot of consolidation firms require a minimal loan amount, actually, $10,000 is typical.
Federal student loans provide benefits over private loans. For instance, interest on your loan can be tax deductable, the student loan can be forgiven for particular kinds of service, plus you can postpone payments on your federal loan in case you return to college.
Private loans do not have these benefits - they are loans secured or unsecured, plus you need to repay like any other student loan.
Thus, it is significant to not consolidate private and federal loans together. You can consolidate all the federal student loans, and then separately consolidate the private loans. In case you were to combine the private and public loans you would need to take out one private loan, which loses all the advantages of the federal student loans. Also, you should keep government loan consolidation isolated from the private loan consolidation.
Roughly 50% of recent graduates took out loans, with a common borrowed about $10,000. In the past 3 years, the rates have fallen low. Consolidation rates of interest can be lower, though it comes with specific requirements - such as good repayment history.
Similar to any debt, loans can affect your credit and future decisions. The students that borrowed a substantial sum for college are less likely to follow higher education. Besides, student loan debt exceeding 8% of the income may be seen negatively while your credit becomes assessed for the future loans.
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