Wells fargo consolidating private student loans dating a guy in the air force

Wells fargo consolidating private student loans

If you have both federal and private student loans, you will have to consolidate those types of loans separately. To guide you in making a decision about student loan consolidation, you can try a simple online assistant introduced by USDOE in the middle of 2012 to help students understand the basic principles of personal finance and apply that knowledge to their management of their student loans.The assistant is called the Financial Awareness Counseling Tool (FACT), and it consists of a series of tutorials based on information from your own government loans, using that information to create a personalized analysis of your financial situation and offer appropriate advice.

For an explanation of our Advertising Policy, visit this page.However, debt consolidation is sometimes a tradeoff, an exchange of easier payment terms for a more expensive loan, since you may pay more interest on the same sum over a longer period of time.The ideal consolidation loan would be one in which you took advantage of a financial trend to secure a lower interest rate, or were able to do so because of your excellent payment history, without extending the term of any existing loan.You’ll have an opportunity to add financial details from other sources to the data used by FACT.The government has a strong interest in making it possible for students to pay off their educational loans, and at the end of 2012 it instituted a new form of the income-based repayment plan called Pay As You Earn (PAYE).

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For example, the guide briefly discusses how to work loan forgiveness into your consolidation plan, which presents an interesting avenue for erasing debt.

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