Consolidating private law school loans

Extended Repayment - Under an extended repayment schedule you can repay your Federal Consolidation Loan over a 25-year period, on a fixed or graduated payment plan, if you have federal loans totaling in excess of ,000.

Once your loan has been funded, you will receive a Federal Loan Consolidation Disclosure Statement and Repayment Schedule from the servicer of your new Consolidation loan. There are no extra costs or penalties to switch plans, and you can do so once a year.

The fixed interest rate for your Federal Consolidation loan is based on the weighted average of the interest rates of the loans you consolidate rounded up to the nearest 1/8th percent and capped at 8.25%.

Students should contact their lenders for their current interest rate information.

Consolidation offers extended repayment periods from ten to thirty years, depending on your cumulative debt.

Private loan consolidation may allow you to combine multiple federal and private loans into one new loan, and may allow you to substantially reduce the interest rate you are currently paying, depending on your credit profile.

However, it is important to understand that you will lose the extended deferment, forbearance, and repayment plan benefits of any federal loans you consolidate through a private lender.

There is no deadline to apply for a Federal Consolidation loan.

However, there are several things to consider when deciding on when to consolidate.

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