With so many ways to consolidate, there’s bound to be a solution for your unique situation. Debt consolidation is the process of combining your debts into one loan with a lower interest rate.Instead of having multiple debt payments each month, you’ll only have one.The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
But with 0,000 in debt, you probably have some private loans in your portfolio, too. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan. Whom do I contact if I have questions about consolidation?The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is 0,000.Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).