Consolidating my stafford loans

First, let’s focus on whether you should consolidate your private student loans.

If you have good credit, a stable job and have already made at least a few student loan payments, you are a good candidate for refinancing and consolidating your private student loans, because you can probably get a better interest rate than you are currently paying.

This is one reason that, if you have both types of loans, you may want to consolidate them separately (see below).

Also: You can also always keep separate a single loan that has especially good borrower benefits.

Do you find yourself asking “Should I consolidate my student loans?

” There are many reasons for and against consolidating student loans, and we will discuss them all in-depth below.

Consider how much longer it will take to repay the new loan and how much more in total interest you will have to pay as a result.

Of course, if you consolidate all your private student loans, you will have just one monthly payment for them, which can be easier for many people to manage than paying on several loans every month.You cannot consolidate private student loans with federal student loans, and you can only consolidate the loans you hold in your name; this means that you cannot consolidate your own loans with your spouse's or with loans your parents may have taken out to finance your college education.Note that some consolidation pros apply just to federal loans or just to private loans.You simply input your current student loan balance, your average interest rate and your loan term and then do the same for the new interest rate and loan term.Our calculator will immediately tell you your approximate savings and monthly payment.

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If she were to consolidate those loans, a legitimate lender would calculate her new interest rate using the following formula: ($3,500 x 3.6%) ($6,500 x 6.8%) / ($3,500 $6,500) = 5.68%. While the overall interest rate on the consolidated loan is less than the 6.8% Marisa was paying on the $6,500 loan, it's significantly more than the 3.6% she was paying on the $3,500 loan.

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