Are all student loans eligible for consolidation?
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Justin Draeger
Spokesperson, National Association of Student Financial Aid Administrators
Justin Draeger is Assistant Director for Communications with the National Association of Student Financial Aid Administrators (NASFAA). Prior to joining NASFAA, Justin worked as the lead analyst for the Michigan Guaranty Agency. Justin began his career in student aid 10 years ago working as the financial aid administrator for the Douglas J Aveda Institute in East Lansing, Michigan. Justin earned a Bachelor’s of Science Degree in Resource Management from Brigham Young University and his MBA in Finance from Baker College. He has presented at several conferences in both the financial aid and business management fields and continues to publish nationally. Justin has been tapped for his expertise on student financing by CNBC, Fox Business News, The New York Times, Wall Street Journal, Boston Globe, Kiplinger, Business Week, National Public Radio, and more.
Are all student loans eligible for consolidation?
Justin Draeger with the National Association of Student Financial Aid Administrators explains which student loans are eligible for consolidation and which are not.
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Transcripts
Host: Are all student loans eligible for consolidation?
Justin Draeger: All federal student loans can be consolidated and to federal consolidation loan, if you only have one single federal student loan that can be consolidated into a federal consolidation loan to get a fixed interest rate for example. What you cant do is take private student loans and federal student loans and combine those into a single federal consolidation loan. The other thing that you may not want to do is you might not want to combine all of your federal student loans into a single consolidation. If you have loans of multiple lenders and some of those loans have great borrower benefits that you dont want to lose, you can consolidate just a few of your loans into a federal consolidation and keep others outside of that consolidation loan. Generally if you consolidate with a private lender they require a minimum balance to consolidate usually they are on 7,500 if you consolidate with US Department of Education, they will consolidate any amount with you.
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