Consolidating loans through direct loans

Here's how to decide whether refinancing or consolidating your student loans could make your finances more manageable.

There are two methods for combining several student loans into one: federal consolidation and private consolidation, which is also known as refinancing.

Total student loan debt currently stands at about

Here's how to decide whether refinancing or consolidating your student loans could make your finances more manageable.There are two methods for combining several student loans into one: federal consolidation and private consolidation, which is also known as refinancing.Total student loan debt currently stands at about $1.5 trillion, according to the Federal Reserve, and it affects how borrowers can save, spend and set goals.A recent Federal Reserve report found that 20 percent of the drop in homeownership among 24- to 32-year-olds between 20 was due to an increase in student loan debt.Certain public service workers may qualify for loan forgiveness in just 10 years, tax-free.

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Here's how to decide whether refinancing or consolidating your student loans could make your finances more manageable.

There are two methods for combining several student loans into one: federal consolidation and private consolidation, which is also known as refinancing.

Total student loan debt currently stands at about $1.5 trillion, according to the Federal Reserve, and it affects how borrowers can save, spend and set goals.

.5 trillion, according to the Federal Reserve, and it affects how borrowers can save, spend and set goals.

The standard payback period is 10 years, but there are other programs, called income-driven repayment plans, that tie loan bills to income.While it sounds morbid, federal loans are also forgiven if the borrower dies.That means your estate or heirs don't have to pay back the debt.A parent, sibling or other responsible co-borrower can improve your eligibility or help you get a lower interest rate. They'll have to repay the debt if you can't, and that can be a major burden on parents nearing retirement age, for instance.Variable interest rates may go up: Most refinance loans offer both variable and fixed interest rates.

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