Is consolidating your student loans a good idea

The higher your current interest rate, the more you’ll benefit from refinancing to a lower rate.A lower student loan rate will save you money as it charges less interest and will reduce monthly payments.Get the scoop: Watch this video about responsible borrowing or browse the tips below it. Based on the results of your FAFSA, your college or career school will send you a financial aid offer, which may include federal student loans.Your school will tell you how to accept all or a part of the loan.Before it was discontinued, the HEAL Program insured loans made by participating lenders to eligible graduate students in schools of medicine, osteopathy, dentistry, veterinary medicine, optometry, podiatry, public health, pharmacy, chiropractic, or in programs in health administration and clinical psychology.ED is responsible for managing the servicing of nondefaulted HEAL Program loans and the collection of defaulted HEAL Program loans that remain.Ask these 10 questions as you refinance your student loans to make the best decision.The first thing you need to decide is what outcome you’re hoping for by refinancing student loans.

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Learn more about the differences between federal and private student loans. How much money can I borrow in federal student loans? What should I consider when taking out federal student loans? You should not be afraid to take out federal student loans, but you should be smart about it.The total payoff amount for all the student loans you hope to combine through refinance will be the balance of your refinanced loan.If you have higher student loan balances, you might want to choose a longer repayment period to keep monthly payments manageable.There are some great reasons to refinance student loans.You can lock in lower interest rates, reduce monthly payments, or get rid of debt faster.Under federal guidelines, affordable monthly payments are equal to 10 percent of your discretionary income.

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