That is why it is recommended to think in-depth and analyze all the possible outcomes before changing anything. We appreciate your patience. Our fee is limited to services of document and income tax preparation for you and for legal financial advice.We do not claim to represent any government agency. You must log in to complete and submit federal student loan processes. You could end up with Navient again, or you could end up with another company that ends up being worse. All other names and logos used are the trademarks or service marks of their respective owners. Please note that the rates and terms on our website are estimates and may change at any time and/or differ from your final rate and terms. Refinancing. Student loan expert Michael Lux is a licensed attorney and the founder of The Student Loan Sherpa. The top reason to refinance student loans is to lower your interest rate, save money and, Student loan refinancing also helps you change your loan terms. Some borrowers decide to keep their student loans with Navient until they pay off student loan debt. On the other hand, Navient still maintains its position as one of the most important and the most significant student loan servicer in the whole US (among the others- Nelnet, Great Lakes, FedLoan). However, requirements of being qualify for refinancing may vary by depending on the lender. If you are looking to consolidate Navient loans, there are two processes you can go through. The results and default figures shown in our tools and calculators are hypothetical and may not apply to your individual situation. All our content, analysis, tools, resources and reviews are... completely free and provided to help you make better financial decisions. However, you can’t consolidate both federal and private loans through the federal program. Understand the differences between refinancing and consolidating Navient... 2. Checking Your Rate Doesn’t Affect Your Credit Score. If you have multiple student loans you may be able to combine them into one loan with a fixed interest rate based on the average of the interest rates on the loans being consolidated. A shorter repayment period (such as 5 years) has a higher monthly payment, but it will save you money since you will pay less interest. Refinancing occurs when a company buys all your current student loans and issues you a new loan to pay them all off. The biggest downside is that federal consolidation is not the best strategy for some borrowers. You can consolidate most federal education loans through StudentLoans.gov, and private student loans through some private lenders. The full site terms are available. Understand what student loan interest and interest capitalization are and how they can affect your Total Loan Cost. However, it is better to keep in mind that when you consolidate your student loans, due to that expands the overall length of the repayment period, the total costs of your credit will be more than the original worth. Before you complete the online combined application and promissory note and select a repayment plan, you can estimate what your monthly payments will be under each of the available repayment plans using the online calculator on the U.S. Department of Education's Loan Consolidation web page. Another downside is that you can’t pick the federal loan servicer that handles your new consolidated loan. This helps us to support our website, offer free content and calculators, and continue to be one of the leading sources on personal finance.Read more. You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. © 2019 Edfinancial Services, LLC. Student loan scam is one of the annoying problems that people face often. The downside is that consolidating your federal loans doesn’t lower your interest rate. To check the status of your credit, it is recommended to use the Department of Education’s Federal Student Loan Database. Even though the regulations and opportunities of private student loan are fewer in comparison with federal student credits, still there is some alternative that might be in favor of your credit history and status. You have to determine what kind of student loan you have currently. By offering insight that can only come from experience, we hope to make it a little more manageable. Ultimate Guide To Pay Off Student Loans Faster, 7 Ways To Reduce Your Student Loan Interest Rate, Ultimate Guide To Lower Student Loan Payments, Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming, Change your lender or student loan servicer. Federal consolidation happens through the Department of Education. One of the other options to handle with your private loan debts is student loan forbearance. All Rights Reserved. But, even though the US Department of Education does not allow to transform a private student loan into a federal loan, it doesn’t mean that you don’t have other alternatives to tackle down with your multiple loan debts. All Rights Reserved. In this post, we are going to look at the ways of how to convert Sallie Mae and Navient private loans into a federal loan. This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. Allied FINANCIAL SERVICES is a private organization and is not a government entity.We are a Document Preparation and Tracking Service. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by the Department of Education. Student loan refinancing is the process of exchanging your existing student loans for a new student loan with a lower interest rate. It means that they provide only private student loans. If you are unhappy with your repayment plan, interest rates, or Navient customer service but unable to pay off your loan, student loan consolidation could be the solution to your problems. With a Direct Consolidation Loan, you can consolidate multiple federal student loans into one loan with a fixed interest rate that’s a weighted average of your loans’ various interest rates rounded up to the nearest one-eighth of one percent. There are no credit or income requirements. Student Loan Solutions: Get Rid of Your Federal Debt, Student Loan Rehabilitation vs Consolidation, State Aid for Students: Student Access Loan. But there is also one more thing you should keep in mind that forbearance does not stop interest rate from accumulating. After you find out the status of your student loan, now here it comes to the exciting part. Additional information can also be found at Edfinancial.com/COVID-19. Get tips on how to manage your undergraduate and graduate student loan debt, along with credit cards and other types of debt, for financial success.

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