Low rate for consolidating student loan victims of chronic dating violence

But borrower protections and repayment options on private consolidation loans can vary wildly from lender to lender.

Betsy Mayotte, director of regulatory compliance for the student debt assistance group, American Student Assistance, makes sure to tell borrowers to stay away from consolidation loans that combine federal and private loans.

If a co-signer is necessary, O’Connor says borrowers should ask if there’s a co-signer release option after a certain period of time.Those seeking consolidation should also review their repayment options at Student gov, so they’re prepared to pick the proper repayment plan.Once the application is submitted, the federal government estimates that it takes 60 to 90 days to officially complete the consolidation process.Consolidating both types of loans excludes borrowers from federal protections.When eyeing consolidation options for private loans only, Mayotte says borrowers should evaluate the new loan’s hardship protections and repayment terms in addition to the interest rate.

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