Consolidating private student loans in default itvdating
Student loans come in many shapes and sizes, and the regulations for them can be different as well.There are several types for which you may be eligible.There are two types of Stafford Loans: subsidized and unsubsidized.The type helps determine your interest rate and maximum loan amount.The Direct Consolidation loan is a fixed-interest loan with flexible options, based on your ability to repay.There is no fee to consolidate, though you can only do it once.If your loan is subsidized, you won’t be responsible for making any payments until after you graduate.Your interest rate typically should be 3.76% in 2017-2018 school year.
Now, parents may take out Parent PLUS loans and graduate students may use Grad PLUS loans.
If you’re a medical student, you have the highest limits.
You may borrow up to ,500 annually and 4,000 in total.
Most go to students whose families’ annual income is less than ,000.
If you’re an undergraduate, the maximum annual amount of a subsidized loan depends on your year in school.