Those seeking consolidation should also review their repayment options at Student gov, so they’re prepared to pick the proper repayment plan.Once the application is submitted, the federal government estimates that it takes 60 to 90 days to officially complete the consolidation process.
Borrowers should have loan account numbers, estimated payoff dates and contact information for each of their loans’ holders ready.
It is not a sound idea to consolidate in case you are close to repaying your student loans.
In fact, consolidation can affect the eligibility for particular loan forgiveness programs as well as interest subsidies.
It is a necessary practice to know the lender and the reputation.
You should check with the present lender(s) concerning whether they provide loan consolidation and check with your college’s financial aid office in terms of the experience of the other borrowers with certain loan consolidators.