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If you refinance your Direct Loans with a private loan, you will lose the deferment, forbearance, forgiveness and cancellation provisions of the Direct Loan and PLUS programs.
The nice thing about these options is that you don’t have to choose one or the other.
This interest rate is capped at 8.25% and fixed for the life of the loan.
A fixed rate could be highly beneficial if you have low variable interest rates and anticipate interest rate spikes in the future.
The federal government provides four different official repayment options for loan consolidation: The federal government also has various repayment programs for student borrowers who fit certain criteria, such as the Public Service Loan Forgiveness Program (PSLF).
The program offers loan forgiveness to borrowers currently working in public service for up to 10 years.
Private loan consolidation is essentially taking out a new loan to cover an existing loan or loans.If you are still in school or won’t enter repayment in the next four months, you can still consolidate your federal loans.However, you must forgo the grace period for loan repayment after graduation or dropping below half-time status.If you have older, variable rate loans, you can also lock in a fixed rate which can make it easier to plan for your financial future.This is where the terms can get a little confusing.