How do I consolidate a Private, Parent Plus and Federal Loan, under a different name, all being Student Loans?
May 21, 2010 by admin
Filed under Student loans
One is a Private under my name.
One is a Parent Plus loan under my dad’s name.
One is a normal Federal Loan under my Father-in-law’s name.
Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. (10 years for less than $7,500; 12 years for $7,500 to $10,000; 15 years for $10,000 to $20,000; 20 years for $20,000 to $40,000; 25 years for $40,000 to $60,000; and 30 years for $60,000 and above. ) The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid is increased.
http://loan-house. we. bs/loanconsolidation. html
In certain circumstances (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease. The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8. 25%.
http://loan–house. blogspot. com/2008/03/loan-consolidation. html
Unfortunately, you can not consolidate private loans. And, it’s possible that you can not consolidate parent plus loans either. Go to the federal loans website and look at the consolidation information. If you’re still not sure, give them a call.
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