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Court administrator should take regarding consolidating student loans

In most cases the college arranges with a third party to process the billing and payments. Consolidating your federal student loans into a private loan could save you money by lowering your interest rate. Consolidating or refinancing student loans federal or private could make it easier to stay organized, potentially saving you time and helping you avoid mistakenly missing a payment. This requires the creditor to provide an accounting of the amount owed and any additional charges and fees that were applied to the loan balance. The interest rate is calculated as the weighted average of the rates of the smaller loans.

In most cases

Similar to consolidating your private loans, your new loan's interest rate will depend on several factors, including your credit history and choice of a fixed or variable rate. That the debtor has made good faith efforts to repay the loans. Often lender records are in a state of disarray especially if the loan has been sold and it will be unclear how much is actually owed.

However, some people hire a company or student loan expert to guide them through the process. It is also possible that a court will discharge part of a loan instead of the entire loan.

Consolidating your federal

Most bankruptcy attorneys won't even try to get federal student loans discharged. Because consolidation results in a new loan, the forbearance and deferment limits are reset by the process. Success rates might be somewhat higher for private student loans since private student loans don't offer nearly as many consumer protections or options for repayment relief as federal loans. Consolidating Federal Student Loans If you are considering the consolidation of your federal student loans, you will be applying for a Direct Consolidation Loan.