Consolidating student loans nelnet
If you think this applies to you, have a conversation with your loan servicer as soon as possible.A smaller advantage of federal direct consolidation is that it puts all of your loans in one place.
If you have a private loan, there is no way to convert it into a federal loan. If you have a strong credit score and income, odds are pretty good that you will be able to lower you interest rate though consolidation.That being said, this option is definitely not for everyone.By consolidating with a private lender you give up the perks that come with a federal loan.There are two approaches to consolidating your federal student loans.Approach one is to consolidate your federal loans with the federal government.Unfortunately, the Nelnet site does a poor job of explaining the many consolidation choices and the pros and cons of each route.
Today we will look at these options for private loans and for federal loans.
Approach two is to consolidate your federal loans with a private company.
Picking the wrong approach can be a huge mistake, so it is critical you understand your choices.
This prevents you having to deal with multiple federal loan servicers.
That being said, consolidation may no longer be necessary to avoid this headache.
Consolidating your federal loans into a federal direct consolidation loan has a couple of advantages.