Consolidating graduate loans
This process will extend your payments over a longer time, but it will cut them down sometimes to half of what they would be.These smaller, more manageable payments can make a world of difference when you are just getting started on your financial career.Where federal loans, scholarships, fellowships and grants have fallen short, you may have chosen to supplement the costs of college with private or alternative loans and now have those to pay off, as well.There are a number of scenarios that put graduate students drowning in debt at this point.
Or you may have borrowed from the popular crop of lenders offering specialty-specific graduate loans that target the more costly college programs, such as law school, medical school, and business school.
However, most lenders will not qualify defaulted loans under their FFEL consolidation programs.
Your FFEL lender is positioned to offer you their best deals and guidance in consolidating your graduate federal loans.
Though it stretches your loan payments out over a longer time, it does make them more affordable and less stressful, so in some situations is the best decision to make.
At the minimum, your graduate student loans probably include a number of federal loans such as the Stafford Loans and Graduate PLUS Loans.