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offer benefits and protections that do not transfer to private lenders.
Discounts reduce the amount of interest you pay over the life of the loan.
They leave with an average of ,000 of debt and it is not unusual to owe that money to 8-10 separate lenders and potentially a combination of private and federal loans.
Continuing on to graduate school can add another 4-6 lenders to the mix.
Each one of these student loans has its own due dates, interest rates and payment amounts.
Keeping track of that many payments is complicated and part of the reason that seven million Americans have defaulted on student loans.
With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.But if your income is over a certain threshold, you won’t benefit from these programs.And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a through the refinancing process won’t make sense for every borrower, but it provides great benefits for some.This is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.The definition of loan consolidation, in a nutshell, is: One payment, one lender.Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.