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These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times.(Though some legislators have fought for it, there is no option for refinancing student loans within the federal student loan system.)You may be able to take advantage of a lower interest rate, because you are, in effect, taking on an entirely new loan.Your ability to refinance your loan will depend on your credit standing and your ability to repay the loan, so before you apply, find out what you can about the lender’s underwriting criteria, and see where your credit stands.For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.This is often the reason that people cite when they say you shouldn’t combine federal and private loans.



Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser.debt at nearly $1.4 trillion and rising, you wouldn’t be hard-pressed to find people who think student loans are a big problem for Americans.Student loan refinancing isn’t a catch-all solution to the issue, but it’s one of the The short answer is yes, you can.If you consolidate federal student loans, your interest rate will be calculated by averaging the rates of your original loans through a weighted scaling.

With a federal Direct consolidation loan, you can lower your monthly payments by extending your loan repayment term to up to 30 years (though this may mean you pay more in interest over the life of the loan), and the interest rate will then be rounded up to the highest eighth of a percentage point.

At the same time, consolidating may cause you to lose borrower benefits associated with your original loans.



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    FAQ Refinancing And Consolidating Federal Student Loans. reasons borrowers decide toconsolidate their federal loans a fixed interest rate and lower monthly.…