Bank consoladating loans

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In those cases, you may be able to have another go at it.The following types of loans are eligible for consolidation: Yes, a married couple can jointly consolidate their loans, but it may not be a good idea.If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.You can get a consolidation loan from any private lending institution with government approval, or from the Department of Education itself. Some offer favorable terms like interest-rate reduction for making on-time payments or choosing automatic withdrawal; others may offer repayment plans that better suit your financial situation.Public and private loans can’t be combined, but if you have multiple private loans, you can consolidate those, too; contact your lending institutions to find out how.

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Here are some frequently asked questions and answers that may help determine if it’s the right move for you.Fin maintains a list of student loan institutions, including large banks; private companies like Sallie Mae; and state education system lenders like the Missouri Higher Education Loan Authority and the Utah Higher Education Assistance Authority.You should do enough research to be able to negotiate the most favorable terms.For any college grads overwhelmed by multiple student loans, this can be extremely helpful.The difference between student loan consolidation and refinancing is a subtle distinction but no less important.

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