Consolidating law school loans
If you’re using the paper application, you’ll mail the application to the servicer of your choice. You could also choose the Income-Based Repayment Plan, the Pay As You Earn Repayment Plan or Revised Pay As You Earn Repayment Plan as long as your consolidated loan doesn’t include a parent PLUS Loan.With ICR, IBR, PAYE and REPAYE, your monthly payment will be 10 to 20 percent of your annual discretionary income, the difference between your actual income and 100 to 150 percent of the federal poverty guideline for your family size and state.It’s not difficult to qualify for federal student loan consolidation, but you do have to meet certain criteria.
The lender issues a new loan based on your creditworthiness.
After making payments on income-driven plans for 20 to 25 years, any remaining loan balance may be forgiven.
If you’re choosing the standard or graduated plans, your repayment term will depend on the total balance of the loans you’re consolidating, plus the balance of other loans you listed.
By contrast, federal loan consolidation won’t change how much interest accrues, and eligibility doesn’t depend on your creditworthiness. You can consolidate your federal student loans and refinance your private loans, or consolidate some of your federal loans and refinance others.
Or, you may research your options and determine you shouldn’t use either.