I need help consolidating my student loans

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Private student loans have some conditions and terms — very good credit or a co-signer needed – that make them difficult.

The interest rates usually are higher than those on federal loans and there are some involved that aren’t part of federal loans.

If you’re a medical student, you have the highest limits.

You may borrow up to ,500 annually and 4,000 in total.

Freshmen can borrow up to ,500; sophomores ,500; and third-year students and beyond can borrow up to ,500 in subsidized loans.

If you’re financially dependent but your parents are ineligible for Parent PLUS loans, you’re permitted the same maximum loans as if you were independent.

Some students may also be eligible for private loans or health professional loans, depending on their credit standing and area of study, respectively.

If the combination of paying off credit card debt, auto loans and student loans becomes overwhelming, a debt consolidation plan could ease your financial difficulties.

Though there are two major sources of student loans — federal and private – the federal side dominates the action, both in amount of money available and loan repayment programs.

There were 21 million students enrolled in colleges and universities in the fall of 2016 and eight million of them received federal loans from the William D. The students took in 6.3 billion in loans, or about ,040 per student. Ford Federal Direct Loan Program includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans.

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