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However, federal PLUS loans do require that borrowers not have an adverse credit history, which is defined by Fin Aid as “being more than 90 days late on any debt, or having any Title IV debt within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off.” For private lenders, your credit score is usually a key factor in determining not only student loan approval, but also the attached interest rate.
Let’s say you have fifty thousand dollars in federal loans.
Essentially what happens when you consolidate BANK is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.
STUDENT LOAN And you can often get a lower monthly payment 0, 10 YEARS, PRINCIPAL, INTEREST because you will have a longer repayment period— 0, 25 YEARS so there are some trade-offs to keep in mind.
CONSOLIDATING STUDENT LOANS Let’s take a look at a few of the pros and cons of consolidating your student loans.
CONSOLIDATING STUDENT LOANS If you have multiple student loans, STUDENT LOAN consolidation can offer some simplicity to your repayment.