Hobson consolidating student loans
You have to complete the application in a single session, so do your research before you start.
When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
Alternatively, there are six other repayment plans to choose from, including four income-driven plans.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.
Federal loan servicers are private companies that manage federal loans for the Department of Education.
You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.
You typically need a credit score at least in the mid-600s to qualify, and rates range from around 2% to more than 9%.
On the standard repayment plan for direct consolidation loans, you’ll make equal monthly payments for 10 to 30 years, depending on your total federal student loan balance.
You’ll save money if your new loan has a lower interest rate.