Consolidate Graduate Student Loans

Graduate and post-graduate students that decide to consolidate their graduate student loans can save a great deal of time and money.

There are two basic graduate student loan consolidation programs available: a federal graduate loan consolidation program or a private graduate loan consolidation program.

Federal Graduate Loan Consolidation Programs

The benefits of using a federal graduate loan consolidation program include:

  • Repaying all loan money within one monthly payment;

  • Taking advantage of a fixed rate with a lower monthly payment, often several hundred dollars less than the previous loans

  • Extending your repayment period to as high as 30 years.

Private Graduate Loan Consolidation Programs

Private graduate loan consolidation programs function essentially the same way, however they offer a few additional benefits:

  • Borrowers that improve their credit scores during the term of the loan may be able to further lower their interest rate.

  • Medical and dental residential interns and active-duty military personnel can sometimes take advantage of payment deferments ranging anywhere from 36 to 48 months, if necessary.

  • Some private lending institutions offer interest-only monthly payments, and without prepayment penalties. Therefore, any extra payment amounts are applied to the principal balance.

Be sure to check out the fine print.

Regardless of which way you choose to consolidate graduate student loans, it is important to compare and take careful note of the interest rates, origination fees, annual loan limits, repayment terms and any other factors, as they can differ greatly.

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