You can lengthen your repayment term

Payment relief is one of great benefits of consolidating federal school loans. By combining all of student debts into one consolidated debt, you can lengthen your repayment term from the standard ten years to up to thirty years, depending on the amount of your education debt. So, if you’re having trouble meeting your student payments, contact your lender. You may qualify for a deferment, forbearance, or repayment alternative that is more affordable.

With a lower monthly payment, you will have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable. Just learn more how to student loan consolidation works in the step-by-step.