Consolidating private student loans chase
Also, most lenders require a minimum balance before they will consolidate your loans.For example, many lenders will only offer consolidation loans for borrowers with loan balances of at least ,500.Beginning in July of 2006, all federal student loans began carrying fixed interest rates.Therefore, by consolidating them, borrowers could often lock in a rate that was lower than what they were paying on each loan separately.According to Mark Kantrowitz, publisher of Fin Aid, a website that tracks the college financial aid industry, now, “there is no financial benefit to consolidating federal loans, other than having a single monthly payment and access to alternative repayment plans.” Only if you are having trouble or foresee having trouble making the payments will consolidation of federal student loans help you.
Federal Stafford loans are the most common for eligible applicants because they come with the lowest interest rates compared to traditional loans.
There is no doubt that student loan consolidation may help; however, first ensure that you understand the type of loan you have and the consolidation options available.
Then, see if consolidating your student loans makes sense.
In some cases, consolidating your student loans can reduce your interest rate and the number of loans you have to manage.
The question is, how do you consolidate student loans.