Consolidating non direct student loans

A consolidation loan may also be available for private/alternative loans from the loan holder.Private/Alternative loans cannot be included in a federal consolidation loan.The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.Some of which even include terms that allow unrepaid student loans to be forgiven after 25, 20, or even 10 years in some circumstances.But flexible Federal student loan repayment programs are only available to student loans.Private consolidation lenders, on the other hand, are not subject to those terms and may include variable rates and any number of fees.What's more, some benefits of a federal consolidation loan, such as interest subsidies on deferred loans, are not available on private loans.

Here are some frequently asked questions and answers that may help determine if it's the right move for you.To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.When you consolidate, a lending institution pays off your existing balances and replaces them with a new, consolidated loan.7 out of 10 graduates are now graduating with some form of student loan debt.With an average balance of ,400, student debt is a big part of the average college graduate's life.A consolidation loan is just what it sounds like: You can take two or more outstanding loans and refinance them into one.As with the Stafford Loans, there are both Direct and FFEL consolidation programs.Your defaulted federal loan may be consolidated provided that it’s not a previous spousal consolidated loan and you are not subject to a judgment secured through litigation or an order of administrative wage garnishment on a federal student loan for which you’re requesting consolidation.Today, the answer to that question is probably yes!One way to resolve a defaulted loan is to combine your existing federal student loans into a new Direct Consolidation Loan from the US Department of Education (ED).Even if you have only one defaulted student loan, you may obtain a Direct Consolidation Loan to resolve the default.

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