Consoildating private education loans
Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.
You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.
If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).
If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], or mail to: Nelnet P.
Private student loans from banks and credit unions require a strong credit score to get approved or a creditworthy co-signer.
One goes about consolidating their loans by putting all loans into the lowest interest paying source.
For example if one is paying 19% on their credit cards, they may reduce the amount by taking a loan out to pay it off, then have a 5% interest rate instead.
If you are delinquent or in default on your loans, you can get help with consolidating the loans at loans will show up on your credit report, even if they are still designated as deferred.
Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!
Consolidating allows you to merge multiple eligible loans into a single loan.
The answer depends on the relative interest rate and re-payment options of the various loans involved.
If the student loans were achieved at favorable interest rates, it may make more sense to not consolidate them with loans that bear higher rates of interest.
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All of the loans will be gathered up and configured into a consolidated loan, which a person then must accept or decline.