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Do not consolidate federal and state
student loans with your private student loans - you are
going to see an overall increase in interest
rates and fees. Read everyone's fine print. While the United
States Department of Education will not allow you to
combine government and private loans, some private lenders
will. Paying your loans through a single payment is
definitely ideal, but be careful you don't lose your low
interest rates on your Federal loans if you opt to roll
them into a new private loan by a private consolidation
loan lender. Check their interest rates and "fees"!
You might not want to refinance school loans until
after your grace period ends. If your private school
loans feature a grace period after you exit college or
graduate, wait out the time frame before consolidating.
Most agencies offer six to nine months of time for the
student to get settled into a career before the debt
comes due. If you consolidate early, you lose out on
grace period and repayment will begin immediately.
You donç¨š have to consolidate with your current lender.
It may seem like the easiest solution, but before you
decide to consolidate with your current lender, shop
around and make sure you are getting the best deal.
Student loans typically make a large portion of a
personç—´ debt. You want to ensure this debt has the
lowest interest rate possible. Additionally, if you
donç¨š like your current lenderç—´ customer service
practices, now is the time to find someone new.