Consolidating a defaulted private student loan best college dating site

But the longer you take to pay off a loan, the more interest you'll pay over time.

The standard payback period is 10 years, but there are other programs, called income-driven repayment plans, that tie loan bills to income.Unlike federal student loan consolidation, refinancing is available for both federal and private student loans.A bank, credit union or online lender will pay off the loans you want to consolidate and issue you a new private student loan for the total balance.In either case, you'll end up with a single loan payment, which can streamline your bills if there are several creditors billing you for separate loans each month.One payment could make you more likely to pay on time, which is the biggest factor in maintaining a strong credit score.

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