If you have private loans only, or you don’t plan to take advantage of those federal protections, compare refinance lenders to get the lowest possible rate.Strongly consider lenders that offer the most flexibility on payments and multiple options for forbearance.You’ll get a new loan term between 10 and 30 years, depending on your balance. A longer term also will result in paying more in interest.But you can always pay off your loan faster if possible, which will save money.
Those include the option to tie payments to income and get loans forgiven if you work for the government or a nonprofit.
Most, but not all, federal loans are eligible for the program.
Here are some additional requirements: If you just graduated with three federal Direct Subsidized loans, one for ,000, one for ,000 and one for ,000, and you get a job earning ,000 a year in San Francisco, you’ll pay off the loans in 10 years and pay a total of ,409 once you start making payments under the Standard Repayment Plan.
Or, you may research your options and determine you shouldn’t use either.
It’s not difficult to qualify for federal student loan consolidation, but you do have to meet certain criteria.