If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan. Whom do I contact if I have questions about consolidation?This can be attractive to borrowers because the consolidation frequently results in longer repayment periods and lower monthly payments.
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Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
Discounts reduce the amount of interest you pay over the life of the loan.
Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.