Bank consolidating student loans

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Your eligibility for consolidating federal loans is based on the types of federal loans you have, not your income or credit.

A creditworthy cosigner could increase your chances of approval and help you secure a lower interest rate.Currently, there are four servicers for Direct Consolidation Loans: Navient, Nelnet, Fed Loan Servicing (PHEAA) and Great Lakes.If you're working toward or considering the Public Service Loan Forgiveness (PSLF) program, Fed Loan Servicing may be beneficial since it helps administer the program.If you're eligible for the loan on your own, you could also use consolidation to release a cosigner from your existing student loans.Consolidating your federal student loans into a private loan could save you money by lowering your interest rate.

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