Consolidating student loans bank america
One of the best places to start looking is the federal Direct Consolidation Loan program.If you did borrow money for college, chances are you received a new loan each semester.Alternatively, there are six other repayment plans to choose from, including four income-driven plans.To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. We're on your side, even if it means we don't make a cent.
When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
However, it may end up costing you more money in the long run.
Max Fay is a recent graduate from Florida State University's Communications School.
These processes are often confused, but they’re very different.
Here’s how: When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.