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Frequently Asked Questions about Consolidating Education Loans

The following are questions that are often asked about consolidating education loans.

When is the best time to consolidate my student loan?

You can get the best consolidation deals during your grace period. The grace period of an education loan is usually the first six months after you graduate.

Is good credit necessary to consolidate?

Not usually, especially if you took out federal student loans. Since federal student loans do not perform credit checks in the first place, you will have an easier time finding a consolidation plan. Since most consolidation plans are geared towards students with little to no credit history, you don't need to have flawless credit to apply.

Can I consolidate private student loans and federal student loans?

Yes, you can. Most consolidation companies can put together a payment plan that combines all of your outstanding student loans. It does not matter where you received them from.

What is loan deferment?

Loan deferment is an option that exists to those that plan to attend graduate school. You won't have to pay back your current student loans, or loans you take out during graduate school, until after you finish graduate school.

Will consolidation hurt my credit score?

Normally consolidation does not hurt your credit score, actually it can help it. Since you are paying a lower monthly payment each month you are more likely to pay all your bills on time, thus increasing your credit score. Another solid reason to consolidate education loans.

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Do you have at least $15,000 in student loan debt?
Yes