Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.Today, the answer to that question is probably yes!7 out of 10 graduates are now graduating with some form of student loan debt.Most graduates leave school with a number of different student loans, racked up throughout their years in college.Each of these loans likely comes with different terms, payments, servicers, and statements.
If you feel overwhelmed with managing your student loan debt, don’t panic. One way to make student loans more manageable is through consolidation.
Before you choose to consolidate your loans, examine your situation carefully to determine if this is the best course of action.
This isn’t a solution that works well for everyone (even if you do have several different loans to manage).
Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.
You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.