Consolidating private student loans with bad credit
To qualify for federal student aid (grants, loans and work-study funds), the government requires that you meet certain requirements. The Perkins Loan differs from other federal student loans in that your school is the lender — not the federal government.The basic eligibility criteria, according to the U. However, not every school offers this loan program.If you choose to consolidate your federal student loan(s), the features and benefits associated with those loan(s) will not apply to your new consolidation loan.For example, certain repayment options, such as Income-based repayment, loan forgiveness for public service and other benefits will no longer apply to your new consolidation loan.This low-interest loan is available to eligible undergraduate, graduate and professional students who have exceptional financial need.The interest rate for these loans is 5%, and whether you qualify or not will be based on your financial need and available aid at your school.
If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.You can choose to consolidate one, some or all of your eligible student loans.Once these steps are complete, we will notify you when your loan(s) are consolidated and provide your new minimum monthly payment amount and due date.Please continue making your monthly payments until we notify you that your consolidation loan has disbursed.