How to consolidating student loans handicapprd dating usa
Another advantage to the federal loan consolidation process is that anybody can do it. The downside is that consolidating your federal loans doesn’t actually lower your interest rate. Another downside is that you can’t pick the federal loan servicer that handles your new consolidated loan.You could end up with Navient again, or you could end up with another company that ends up being worse.If you are looking to consolidate Navient loans there are two processes you can go through. There are major differences between the two choices, so it is critical you make an informed decision.Because there is no way to “undo” a consolidation, any mistake you make is permanent.
Given the huge differences between private consolidation and federal consolidation, it shouldn’t be much of a surprise that starting each process is dramatically different.
The biggest downside is that federal consolidation is not the best strategy for some borrowers.
Combining the wrong federal loans could result in borrowers not being eligible for preferred repayment plans.
If you are hoping to convert your private loans into federal loans to get on IBR or qualify for student loan forgiveness, you are out of luck.
Absent an act of Congress, this financial move is not possible.