Consolidating loan stafford
No payments are expected on the loan while the student is enrolled as a full or half time student. Deferment of repayment continues for six months after the student leaves school either by graduating, dropping below half-time enrollment, or withdrawing. Stafford loans are available both as and unsubsidized loans.
Subsidized loans are offered to students based on demonstrated financial need.
C."That new loan will have its own interest rate; it will have its own repayment terms; it will have its own terms and conditions," she says.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is 0,000.
When it comes to consolidation, the types of loans you have matters, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal student loans."The interest rate on (federal) consolidation loans is an average of the interest rates on the (federal) loans you're consolidating," says Ken O'Connor, director of student advocacy for Fynanz, a New York City firm providing technology for the private student loan market.
Even if your rates seem high, t he Department of Education puts a cap on consolidation loan rates at 8.25 percent.