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Consolidating law school loans

After making payments on income-driven plans for 20 to 25 years, any remaining loan balance may be forgiven.

If you’re choosing the standard or graduated plans, your repayment term will depend on the total balance of the loans you’re consolidating, plus the balance of other loans you listed.

If you extend your loan terms, you will have a lower monthly payment.

Federal student loan consolidation doesn’t involve a credit check, you may be able to lower your monthly payment and there could be other benefits, such as being eligible for more repayment plans or forgiveness programs.

Some debt relief companies offer to consolidate your loans for a fee, but this isn’t necessary. You’ll have to submit your name, address, Social Security number, driver’s license state and number, contact information and two references who’ve known you for at least three years. This information should be on your monthly billing statement.

“Never pay a fee to consolidate your student loans,” says Kantrowitz. You don’t need to consolidate all your loans, and doing so may be a bad idea in some circumstances.

This guide provides an in-depth explanation of the differences between federal loan consolidation and private loan refinancing, the pros and cons of each and insight into which options are best for different situations. News compared private lenders to come up with recommendations for different kinds of borrowers.

No private student loan refinancer is perfect for every borrower. Overview: Common Bond was started by three Wharton MBA graduates in 2011.

With private student loan consolidation, a private lender repays your student loans, which may include private and federal loans.

The lender issues a new loan based on your creditworthiness.

Dealing with long-term debt can be difficult, but having a strategy and tools can help.

Consolidating or refinancing student loans are two popular options that could help you manage your payments, save money and open up additional options for loan forgiveness and repayment.

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