Process consolidating student loans sallie mae federal loans

Consolidating federal student loans sallie mae

the federal income-based repayment plans would cover this type of situation, so when they say “but if your income is over a certain threshold, you won’t benefit from these programs” they are lying to you. have several private loans that i used for college through key bank and they will not consolidate them in to one. have already consolidated my parent plus loans into one federal unsub consolidation loan. we’ve got you covered with our student loan smarts blog series.  here’s an easy decision tree to help you understand whether refinancing federal loans is right for you:Should i refinance my federal student loans? i refinance my student loans, will i still be able to deduct the interest on my tax return? have a question if anyone will see this:I have already refinanced one of my student loans with sofi (thank you!., nursing school loans) be extracted and submitted on my behalf should i apply for a nursing loan repayment program? in addition, there is no grace period associated with most loan consolidation programs including the federal direct consolidation loan. today it is a privately owned company well known as a lender to students throughout the u. are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times. we’ve got you covered with our student loan smarts blog series. is there ever a time to send my loans back to original borrower? the repayment options discussed above have been put in place to address the needs of students wishing to lower their monthly payments, without the necessity for writing new consolidated loans. you share in your blog regarding to student loan consolidation is really very good. i consolidate my 1 private and several federal loans, would it be possible that specific loans (i. nancy – at this time we are only able to refinance student loans for graduates. related articles how much money can a student borrow for a student loan?, if you only have private loans, you can apply to refinance them with sofi. we’re in forbearance now, we want to combined all loans together and get them into my son’s name.  but now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you – especially when there’s the potential for significant cost savings on the line. we do have a student loan calculator that we recommend to people looking to find a better interest rate. read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.. news university directory student loan ranger 4 reasons to consolidate your student loansu. i switch from sallie mae to sofi so i still have the option to go back for masters and not make payments while i am in school? the majority of borrowers have both federal and private student loans, which is why this blog post focused on consolidating the two types of loans through the refinancing process. on loan type and disbursement date, your federal student loan rate could range from about 3% to 8%. and while you’re at it, check out sofi’s new student loan debt navigator tool to assess your student loan repayment options.’m trying to consolidate my personal loan (,000) and my student loans (,000); is it possible? blog simply describes how to cosolidate your student loanstudent loan consolidation service. this repayment option is not available to borrowers with parent plus loans or private loans.

Process of consolidating student loans sallie mae

. dept of education: direct consolidation loans (traditional)sallie mae: undergraduate student loanstime magazine: why sallie mae should change its name resources smart money: sallie mae halts student-loan consolidation photo credits comstock images/comstock/getty images more must-clicks: conforming vs. can i get an extension to pay my student loan? consolidation loan request to add loans -- use this document when you work with your consolidation servicer to add loans to your application after it has been submitted or to add loans to your direct consolidation loan within 180 days after the date your direct consolidation loan was made. the extended payback period and lower monthly payments associated with consolidated loans is what attracts many students to the process in the first place. everyone’s situation is different, and our customer service team would be happy to speak with you about your specific circumstances and to determine your eligibility for consolidating loans with sofi. mae specializes in providing affordable loans for college students at every stage of their development. you have both federal and private loans, do you have to consolidate all loans to qualify for a private loan or can you keep your federal loans and only consolidate your private ones? – the most obvious cutoff date to me would seem to be when your federal loans have less than 120 payments left on them. repayment – this option is only available to students with an outstanding loan balance in excess of ,000. just filled out the application to consolidate a few private loans (navient (originally sallie mae) ,000 total).-sensitive repayment – this repayment option is available to students with outstanding federal direct loans, plus loans and federal consolidated loans., if you have federal student loan debt, then putting together a budget and student loan payment plan is crucial to your financial health..direct consolidation loan additional loan listing sheet -- use this document to add loans to your application if all of your loan information does not fit on the application. i’ve had difficulty with the federal nursing loan repayment program because they don’t pay back loans that have been consolidated. the total is 55,000 and i can’t afford to make payments on all of them- i am on an income based repayment plan from great lakes that didn’t cover my key loans. you want to proceed with completing a paper version of the federal direct consolidation loan application and promissory note, you will use the documents below. of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan." "questions about mortgages: conventional, insured & uninsured" how do i cancel student loan debt? a teacher in a low-income urban school district, if i refinance/consolidate my loans through sofiu, would i lose the ability to get loan forgiveness for working in the public sector?: the current servicer of the loans that you want to consolidate may be one of the listed consolidation servicers. son has 3 government loans totaling 100k and 1 private loan totaling 75k. the two payment together are more than my federal loans. students interested in securing a federal consolidation loan must now apply directly to the u. daughter will soon finish dental school with substantial federal student loan debt, and will enter a residency program in a dental speciality field.*click here to see student loan refinance examples that depict apr, monthly payment and total finance charges. have 1 federal and 1 private loans that are in collection all together they equal 35,000. dayton – although we are a private lender, the loans will remain as private educational loans in their credit report and you can access your 1098-e on our servicing site for tax purposes.… i have federal loans and my parents obtained parent plus loans that i make the payments on. if you’re wanting information about those we recommend contacting a federal loan agency. consolidation loan request to add loans -- use this document when you work with your consolidation servicer to add loans to your application after it has been submitted or to add loans to your direct consolidation loan within 180 days after the date your direct consolidation loan was made. i work at a bank and rarely see any loan apps to consolidate student loans.

Consolidating student loans sallie mae federal loans

Today it is a privately owned company well known as a lender to students throughout the U. blog simply describes how to cosolidate your student loanstudent loan consolidation service. read the fine print when consolidating your sallie mae loans with a private lender., if you have federal student loan debt, then putting together a budget and student loan payment plan is crucial to your financial health., you can apply to refinance only your private loans if you’d like. students may still choose to consolidate their outstanding loans through another financial institution, in which case their new repayment plan will be governed by their new private lender. you can also read more about student loan refinancing and apply online on our website. have both federal and private student loans, it is possible to do with with only my private loans? Learn more about federal and private student loan consolidation and when to refinance at SoFi. have 2 different private loans that have a 5% variable interest rate and a 7.  here’s an easy decision tree to help you understand whether refinancing federal loans is right for you:Should i refinance my federal student loans? mae is devoted to helping students navigate the murky waters of college finance. i combine mine and my wife’s student loans though sofi? it’s not possible to use the federal direct loan consolidation program to combine your federal student loans with private loans, it is possible to combine private and federal student loans by refinancing them with a private lender. thoughts on “how and when to combine federal student loans & private loans”., if you only have private loans, you can apply to refinance them with sofi. have 1 federal and 1 private loans that are in collection all together they equal 35,000. you are consolidating for the purpose of public service loan forgiveness (pslf), you will mail your application package to fedloan servicing (pheaa).. sallie mae distributes and holds more student loans than any other lender in the country; as such, sallie mae loans are often the subject of consolidation packages. am trying to help him consolidate his loans at a lower rate and heard about your program. through their website students can find helpful information on saving for college, planning for college, paying for college and money management before, during and after college. we also serving the students with student loan debt consolidation, aimed to let the clients pay off their debts in an easier manner. originally founded in 1972 as a government sponsored agency, sallie mae began privatization in 1997. you can also read more about student loan refinancing and apply online on our website. the federal income-based repayment plans would cover this type of situation, so when they say “but if your income is over a certain threshold, you won’t benefit from these programs” they are lying to you. i think the loan servicer for her federal loans will allow a repayment plan that her residency income can accommodate. but moving from my current 8% at sallie mae to just a 5. direct consolidation loan allows you to consolidate (combine) multiple federal education loans into one loan at no cost to you. the company offers a variety of student specific loans, including loans for undergraduate and graduate students, loans for career training, loans for medical and dental residencies, and loans for law students preparing for their bar exams. have several private loans that i used for college through key bank and they will not consolidate them in to one. you refinance federal student loans, there are a couple of things to think about.

Sallie Mae Educational Loan Services - Consolidation

Process consolidating student loans sallie mae

i switch from sallie mae to sofi so i still have the option to go back for masters and not make payments while i am in school? also have information about our student loan refinancing products on our faqs page that you might be interested in. repayment – this is the default option for all student loans managed through sallie mae. conventional mortgage how long does it take to pay back student loans? i am a single mother and i am trying to get a loan to buy the house i am in so my payment will go down and the key loans are what is standing in my way- key banks only suggestion was to pay on one loan but they would still have to continue collections on the others so they would still say charged off- i have a mortgage loan officer that will work with me and get me my loan for the house if i can take care of the key loans- she is researching it for me and in my own research i found your website- is this something you can help with?  this is often the reason that people cite when they say you shouldn’t combine federal and private loans. it can help you to consolidate the debt consolidation federal and private loans. Mae began as a federal entity designed to market loans to students across the United States.., nursing school loans) be extracted and submitted on my behalf should i apply for a nursing loan repayment program? for those students holding federal loans which are being managed through sallie mae, borrowing limits and repayment schedules will be set by the government.  this is particularly true for grad school borrowers who use unsubsidized direct loans and graduate plus loans to finance their education. all private lenders, sallie mae’s borrowing limits, interest rates and repayment plans are contingent on the borrower’s credit history..direct consolidation loan additional loan listing sheet -- use this document to add loans to your application if all of your loan information does not fit on the application. if you havnt found a fed job by the time you have 10 years left at minumum payment on your fed loans- consolidate ( if the interest rate is better). this is an excellent option for newly graduated students who are just entering the workforce, but expect their income to increase over the next few years. work w/ our servicer mohela to issue 1098-e student loan interest statements for ppr loans.… i have federal loans and my parents obtained parent plus loans that i make the payments on. private consolidation sallie mae loans can be consolidated by a private lender like a bank or credit union., you can apply to refinance only your private loans if you’d like. can i consolidate these 2 type loans together because i would like to have a lower rate plus the tax advantage since i do make the payments. i work at a bank and rarely see any loan apps to consolidate student loans. also, the balance of both of those together are approximentally ,000…half of the two federal loans. do you have to have collateral to take out a student loan? can i consolidate these 2 type loans together because i would like to have a lower rate plus the tax advantage since i do make the payments. have 2 different private loans that have a 5% variable interest rate and a 7. my federal loans are on income-contingent and are being consolidated with fairly good payments that i can make. if you’re wanting information about those we recommend contacting a federal loan agency. considering private loan consolidation should refer to our section on using private lenders to consolidate student loans. also, the balance of both of those together are approximentally ,000…half of the two federal loans. the two payment together are more than my federal loans. i refinance my student loans with sofi, will i still receive a form 1098-e and be able to claim the yearly interest as a deduction?

6 Best Banks to Refinance and Consolidate Your Student Loans

. if you have questions about consolidating your federal education loans before you apply, you can also contact the loan consolidation information call center at 1-800-557-7392. through your completion of the free federal direct consolidation loan application and promissory note, you will confirm the loans that you want to consolidate and agree to repay the new direct consolidation loan. dayton – although we are a private lender, the loans will remain as private educational loans in their credit report and you can access your 1098-e on our servicing site for tax purposes. read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans. i would like to consolidate my undergrad and masters’ degree loans, but i may enroll in a phd program eventually. you are not consolidating for the purpose of pslf, you will mail your application package to one of the federal loan servicers listed below. son has 4 federal loans with os principal of ~ ,000 and an interest rate of 6.  this is particularly true for grad school borrowers who use unsubsidized direct loans and graduate plus loans to finance their education. is there ever a time to send my loans back to original borrower? mae is the country’s premier financial services company specializing in the needs of college students and their families. federal student loans offer benefits and protections that do not transfer to private lenders. i refinance my student loans with an interest rate under 8%. but plenty of borrowers come to us with just private loans. have a private loan, my mom has a parent plus for me, and i have two federal loans. we do have a student loan calculator that we recommend to people looking to find a better interest rate. this is despite the fact that i can go onto the national student loan service website and outline every loan i had during my nursing school tenure. it can help you to consolidate the debt consolidation federal and private loans.’re also welcome to check out our student loan refinancing webpage and apply online. student loans federal student loans private student loans refinance student loans student loan refinance rates student loan smarts. i refinance my student loans with an interest rate under 8%. have already consolidated my parent plus loans into one federal unsub consolidation loan. we also serving the students with student loan debt consolidation, aimed to let the clients pay off their debts in an easier manner. i have been paying off my loans for over a year now. i have been paying off my loans for over a year now. students on the extended repayment plan will have the life of their loans extended to 25 years, and will make monthly payments based on a fixed annual or graduated repayment amount. i consolidate my 1 private and several federal loans, would it be possible that specific loans (i. everyone’s situation is different, and our customer service team would be happy to speak with you about your specific circumstances and to determine your eligibility for consolidating loans with sofi.: the current servicer of the loans that you want to consolidate may be one of the listed consolidation servicers. with all my loans, i am barely scrapping by and eating ramen noodles every day! it is doing a new thing to help you who have financial difficulties with federal loans..How and when to combine federal student loans & private loans.

Loan Consolidation | Federal Student Aid

federal student loans offer benefits and protections that do not transfer to private lenders. minimum down payment for fha loans how to lower student loan debt conforming vs. in addition to their extensive in-house services, sallie mae also acts as administrators for their client’s federal student loans. i’m sitting here stuck with these high interest rates on my student loans, but i don’t have enough debt to refinance, and i don’t make enough to just pay them all off. am trying to help him consolidate his loans at a lower rate and heard about your program. can i get a loan that will pay the private and plus loans off so i can have one payment for them? to see if consolidating all my student loans would be a good idea. for those students, sallie mae offers five loan repayment options designed to address the borrower’s changing financial situation. i am a single mother and i am trying to get a loan to buy the house i am in so my payment will go down and the key loans are what is standing in my way- key banks only suggestion was to pay on one loan but they would still have to continue collections on the others so they would still say charged off- i have a mortgage loan officer that will work with me and get me my loan for the house if i can take care of the key loans- she is researching it for me and in my own research i found your website- is this something you can help with? sallie mae loans sallie mae loans are typically used by students who require additional funding once all other options have been exhausted. how do i qualify for loan forgiveness and change from private to direct subsidized or federal? participants may remain in the program until they have fully discharged their loans, or choose to leave the program. it’s a little upsetting that sofi requires that you have a “large” sum of student loans in order to refinance. but plenty of borrowers come to us with just private loans. you are not consolidating for the purpose of pslf, you will mail your application package to one of the federal loan servicers listed below. who have qualified for a federal consolidation loan may still choose to manage their loan through sallie mae, and may be eligible to take advantage of the repayment options discussed above. however, sallie mae understands that students often find themselves in difficult financial situations, and college loans can create sizable debt that can easily become unmanageable as graduates slowly move into the workforce. am wondering if you refinance loans and pick say a 10 year repayment plan are you able to make additional or higher payments to pay if off sooner if able or is there a penalty for doing so?’s situation is different, and our customer service team would be happy to speak with you about your specific circumstances and to determine your eligibility for consolidating loans with sofi. if you have already consolidated your federal loans in the past, you may also be able to re-consolidate and add other outstanding federal student loans using a federal direct consolidation loan. just filled out the application to consolidate a few private loans (navient (originally sallie mae) ,000 total). our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. minimum down payment for fha loans how to lower student loan debt more articles you'll love how much money can a student borrow for a student loan? repayment – this program allows students to opt for lower initial monthly payments, which gradually increase over a ten year period. the graduated repayment option can be applied to all federal direct loans, plus loans and federal consolidation loans. conventional mortgage how long does it take to pay back student loans?’s situation is different, and our customer service team would be happy to speak with you about your specific circumstances and to determine your eligibility for consolidating loans with sofi. it’s a little upsetting that sofi requires that you have a “large” sum of student loans in order to refinance. by 2004 the company cut all ties with the federal government, and today sallie mae is a publicly held, private sector financial institution. also have information about our student loan refinancing products on our faqs page that you might be interested in. nancy – at this time we are only able to refinance student loans for graduates.

Sallie Mae | Student Loans, Education Loans For College

Consolidating federal student loans

  but now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you – especially when there’s the potential for significant cost savings on the line. son has 4 federal loans with os principal of ~ ,000 and an interest rate of 6. you share in your blog regarding to student loan consolidation is really very good. consolidation loans allow borrowers to combine multiple federal student loans into one more manageable loan, resulting in lower monthly payments.  with prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan. the total is 55,000 and i can’t afford to make payments on all of them- i am on an income based repayment plan from great lakes that didn’t cover my key loans. non-conforming mortgages how to refinance a non-gse mortgage how are sallie mae loans disbursed? have 1 federal and two private loans that are in collection all together they equal 50,000. son, bishop braddock, has a private loan with sallie mae at an unbelievable rip-off rate of 10 percent, ,000 now ,000.  this is often the reason that people cite when they say you shouldn’t combine federal and private loans. have federal student loans and parents plus loans that my parent’s signed for to help me that i agreed to pay, can i consolidate federal student loans “and” parents plus loans in my parents’ names into one payment with sofi?-based repayment – this option is available to federal student loan customers who are experiencing financial difficulties. melody – sofi is private lender, not a provider of direct subsidized loans. students who turn to scholarships, grants, work-study programs, private funding and federal loans first, but are still not able to cover all the expenses involved with college tuition, books and accommodations, often turn to private lenders like sallie mae. you are consolidating for the purpose of public service loan forgiveness (pslf), you will mail your application package to fedloan servicing (pheaa). finally, just remember that if these are federal loans, you’ll want to consider the federal loan benefits you’d be giving up by refinancing (which are outlined in this post). a parent, if i refinance my student loans taken out for my daughter, will i receive a form 1098-e (pdf), student loan interest statement from sofi and continue to claim the loan’s interest payment? mae also offers extensive 529 college savings plans for students and their families, as well as banking services and student friendly insurance policies for health, auto, home and tuition. i want to change these to direct subsidized loans to qualify for loan forgiveness. but moving from my current 8% at sallie mae to just a 5. with all my loans, i am barely scrapping by and eating ramen noodles every day! son, bishop braddock, has a private loan with sallie mae at an unbelievable rip-off rate of 10 percent, ,000 now ,000.*click here to see student loan refinance examples that depict apr, monthly payment and total finance charges. non-conforming mortgages how to refinance a non-gse mortgage how are sallie mae loans disbursed? sallie mae began as a federal entity designed to market loans to students across the united states. since that is the minimum number of payments you must make while employed in public service – it would only make sense that if your loans are down far enough that you literally can no longer make 120 payments while in ps. thoughts on “how and when to combine federal student loans & private loans”. you have both federal and private loans, do you have to consolidate all loans to qualify for a private loan or can you keep your federal loans and only consolidate your private ones? a parent, if i refinance my student loans taken out for my daughter, will i receive a form 1098-e (pdf), student loan interest statement from sofi and continue to claim the loan’s interest payment? i refinance my student loans with sofi, will i still receive a form 1098-e and be able to claim the yearly interest as a deduction? i think the loan servicer for her federal loans will allow a repayment plan that her residency income can accommodate.

Sallie Mae Student Loans, Sallie Mae Student Loan Consolidation

sallie mae private student loans allow borrowers to defer payments until after graduation, have no initiation fees, and can be obtained in amounts up to the entire cost of annual tuition plus expenses. do you have to have collateral to take out a student loan? students will find that sallie mae can answer all of their education related financial questions, and can provide them with advice and counseling to help them better manage their financial future. finally, just remember that if these are federal loans, you’ll want to consider the federal loan benefits you’d be giving up by refinancing (which are outlined in this post).  in addition to the advantages of loan consolidation (like having one, simplified monthly payment), refinancing student loans at a lower interest rate can mean big benefits, like lowering monthly payments or reducing the time it takes to pay off your debt, and cutting down on the total interest you pay over time. have both federal and private student loans, it is possible to do with with only my private loans? it’s not possible to use the federal direct loan consolidation program to combine your federal student loans with private loans, it is possible to combine private and federal student loans by refinancing them with a private lender. since that is the minimum number of payments you must make while employed in public service – it would only make sense that if your loans are down far enough that you literally can no longer make 120 payments while in ps.  in addition to the advantages of loan consolidation (like having one, simplified monthly payment), refinancing student loans at a lower interest rate can mean big benefits, like lowering monthly payments or reducing the time it takes to pay off your debt, and cutting down on the total interest you pay over time. i refinance my student loans, will i still be able to deduct the interest on my tax return?  through this process, you actually apply for a new loan (which is used to pay off your original loans) and you’re given a new—ideally lower—interest rate. work w/ our servicer mohela to issue 1098-e student loan interest statements for ppr loans. i’ve had difficulty with the federal nursing loan repayment program because they don’t pay back loans that have been consolidated., graduation is one of the conditions we agreed to with our capital partners in order to keep the cost of the loans inexpensive. have a question if anyone will see this:I have already refinanced one of my student loans with sofi (thank you! have federal student loans and parents plus loans that my parent’s signed for to help me that i agreed to pay, can i consolidate federal student loans “and” parents plus loans in my parents’ names into one payment with sofi?, graduation is one of the conditions we agreed to with our capital partners in order to keep the cost of the loans inexpensive. our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. students considering loan consolidation should understand that the process often extends the overall life of their loans, and will result in an increase in total interest costs. it is doing a new thing to help you who have financial difficulties with federal loans. people assume that federal loans always offer the best rates, but this just isn’t true. i combine mine and my wife’s student loans though sofi? have a private loan, my mom has a parent plus for me, and i have two federal loans. to see if consolidating all my student loans would be a good idea. can i get an extension to pay my student loan? how do i qualify for loan forgiveness and change from private to direct subsidized or federal? son has 3 government loans totaling 100k and 1 private loan totaling 75k. and while you’re at it, check out sofi’s new student loan debt navigator tool to assess your student loan repayment options. on loan type and disbursement date, your federal student loan rate could range from about 3% to 8%. until recently, student-borrowers could apply for a federal consolidation loan through sallie mae, but recent changes in the federal student loan program have shifted the application process back to the federal government.’m trying to consolidate my personal loan (,000) and my student loans (,000); is it possible?

How to Pay off Private Student Loans from Sallie Mae, Navient and

are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times. – the most obvious cutoff date to me would seem to be when your federal loans have less than 120 payments left on them. since sallie mae is no longer a federally owned entity (since 2004), sallie mae student loans are not eligible for federal direct consolidation. once the consolidation is complete, you will have a single monthly payment on the new direct consolidation loan instead of multiple monthly payments on the loans you consolidated. you refinance federal student loans, there are a couple of things to think about. i have 56k in parent plus loans and he has 25k in private loans. this is despite the fact that i can go onto the national student loan service website and outline every loan i had during my nursing school tenure. melody – sofi is private lender, not a provider of direct subsidized loans. consolidation dangers whatever type of student loans you have and whatever form of consolidation you end up signing up for, certain dangers must be taken into consideration. a teacher in a low-income urban school district, if i refinance/consolidate my loans through sofiu, would i lose the ability to get loan forgiveness for working in the public sector? Learn more about federal and private student loan consolidation and when to refinance at SoFi. federal direct consolidation loans are available to all students holding subsidized and/or unsubsidized stafford loans, direct plus loans, federal supplemental loans for students, federal perkins loans, federal health education assistance loans and federal nursing loans. federal direct consolidation federal direct consolidation loans help to combine multiple loans into one, eliminating separate payments and simplifying the process. am wondering if you refinance loans and pick say a 10 year repayment plan are you able to make additional or higher payments to pay if off sooner if able or is there a penalty for doing so? we’re in forbearance now, we want to combined all loans together and get them into my son’s name. can i get a loan that will pay the private and plus loans off so i can have one payment for them?’re also welcome to check out our student loan refinancing webpage and apply online. my federal loans are on income-contingent and are being consolidated with fairly good payments that i can make. federal student loans and private loans through the refinancing process won’t make sense for every borrower, but it provides great benefits for some. of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan. i would like to consolidate my undergrad and masters’ degree loans, but i may enroll in a phd program eventually. students holding federal direct loans, plus loans and consolidation loans are eligible for this repayment plan. i have 56k in parent plus loans and he has 25k in private loans. i’m sitting here stuck with these high interest rates on my student loans, but i don’t have enough debt to refinance, and i don’t make enough to just pay them all off. daughter will soon finish dental school with substantial federal student loan debt, and will enter a residency program in a dental speciality field.  through this process, you actually apply for a new loan (which is used to pay off your original loans) and you’re given a new—ideally lower—interest rate. have 1 federal and two private loans that are in collection all together they equal 50,000. if you havnt found a fed job by the time you have 10 years left at minumum payment on your fed loans- consolidate ( if the interest rate is better). i want to change these to direct subsidized loans to qualify for loan forgiveness.  with prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan. student loans federal student loans private student loans refinance student loans student loan refinance rates student loan smarts.

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