Best option for consolidating private student loans

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.

These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

The repayment term ranges from 10 to 30 years, depending on the amount of your consolidation loan, your other education loan debt, and the repayment plan you select.Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.A complete list of the federal student loans eligible for consolidation is available in the application.Note: If any loan you want to consolidate is still in the grace period, you can delay entering repayment on your new Direct Consolidation Loan until closer to your grace period end date.You will indicate this when you apply, and the consolidation servicer will wait to process your application until the appropriate time.

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