I have both private and federal student loans and because I haven’t gotten a “real job” yet I can’t meet the deprivation of the payment on both. How do I consoladate both into one, or what are the rules on deferring them, or how do I do that? And how much interest are they going to nail me with? Can I both consoladate and defer, or only one or the other? Can private loans be deferred at all?
you can defer both private and federal loans. also you can consolidate then defer. but, you cannot consolidate your private loans with your federal loans, they must be separate consolidations… the interest rate on federal loans is standard but the interest rate on your private loans will depend on your credit rating… if you don’t have the contact info to your loan company the best way to get this process started would be to call your universities financial aid department for expert help. good luck
As you’ll notice the private loans have a higher interest rate than your federal loans. Most people defer the federal loans and pay off the higher interest loans first. During deferment the government pays the interest for you on any subsidized loans that you have. When I finished school i had a ton of questions and at first managing my loans looked like it was going to be tough but there are a lot of options out there so don’t get too frustrated. If you want more information about consolidation I can help you. You can call me directly phone or email. My name is Tiana Thrower the number is 1-800-964-0642 ext 119 and my email address is