Consolidating student loans in 2016
default on their student loans and though the average repayment time varies by amount owed, it’s safe to say it’s probably going to take at least 10 years and might take as long as 30 years.
Members of the class of 2019 who took out student loans, owe an average of ,172 and their payments are just under 0 a month.
The typical student borrower receives money from federal loan programs every semester in school.
If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan for longer-term payment relief.