Consolidating private student loans great lakes
WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.
You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.
Borrowers who are having difficulty with private student loans, from lenders like Sallie Mae and others, have fewer options.
Today we are going to take a look at the programs available to private student loan borrowers.
Know what you owe: Many lenders will mail you a notification with your required monthly payment once your loan is in repayment.
With just a few exceptions, you get only one chance to consolidate with the government loan programs.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
Extending the repayment period may increase your total finance charge, even though you may have a lower monthly payment.
Be aware of all loan terms and conditions before consolidating your educational loans.