Consolidating direct and non direct student loans
Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.» MORE: Nerd Wallet’s best balance transfer credit cards Pros: Back to top You can use an unsecured personal loan from your local bank or credit union or an online lender to consolidate credit card or other types of debt.You may request to add more eligible loans to a new Direct Consolidation Loan within 180 days of the consolidation being made (disbursed). And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Debt consolidation is a strategy to roll multiple old debts into a single new one.For online lenders, the lowest rates go to those with the best credit; rates top out at 36%.
That means you’ll need to pay more than the minimum payment due to reduce the principal and make a dent in your overall debt.
You must know what type of student loan you have in order to understand your options.
You can use the National Student Loan Data System (NSLDS) to find out what federal loans you have. If you do not already have an FSA ID, you can create one when logging into fafsa.gov, the NSLDS system at Student or at Student
The loan should give you a lower interest rate on your debt or help you pay it off faster.
Nerd Wallet recommends visiting your local credit union first. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.