Consolidating educational loans with personal debt
They might even wonder if it could be a good idea to consolidate student loans and credit card debt together.
Can you consolidate student loans and credit card debt?
In his first job out of college as a local reporter in Green Bay, Wisc., he lived frugally while working for an hour.
Consolidating your loans can significantly reduce your required monthly payment because they are usually amortized over 10 or 15 years.
This Huffington Post piece can help you pick the best type of consolidation loan in just five steps.You can only consolidate federal, not private, student loans through this program.(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.