Disclosure: Student Loan Hero is a free website to help student loan borrowers.We only evaluate lenders and do not issue student loans.Most lenders will grant this request but if they don’t consolidation is not possible.After the request you must ask for a “in school referral” of repayment that means that after graduation you must pay the loan back.Even with income-based repayment schedules, it can be nearly impossible to afford every monthly payment from every student loan that exists.That’s why evaluating the pros and cons of consolidating student loans becomes a high priority for recent graduates. Most student loans that are approved are often treated as individual loans.
Consolidating student loans is rolling all of your loans into one loan.
There is a drawback to doing this according to Kantrowitz in that the regular 6 month grace period is lost after you graduate.
Consolidation is an advantage for practically all students presently in school because the low rate that you will be locked into can save more money than the worth of the grace period that is lost.
Finding the right bank to refinance or consolidate your student loans is confusing.
Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.
In the past federal direct loans could only be consolidated if presently attending school but there has been a loophole, which was discovered by financial aid expert Mark Kantrowitxz, which showed that bank based Stafford loans can also be consolidated as well.