Who is consolidating private student loans

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Some companies promise to help reduce student loan debt, but there’s nothing they can do for you that you can’t do yourself for free.And some of the companies that promise student loan debt relief are scams.Some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid. When you fill out your FASFA, you will also create an FSA ID.FSA ID stands for your Federal Student Aid Identification. You use your FSA ID to: Only you can create and use your FSA ID. Dishonest people could use your FSA ID to get into your account and take control of your personal information.When you apply for a student loan, you'll come across industry-specific terms that may not be familiar. Understanding the difference between federal and private loans and your consolidation and repayment options can save you thousands of dollars.It’s illegal for companies to charge you before they help you.There are several types of aid available to help you pay for your education beyond high school, including grants and scholarships, federal work-study jobs and student loans. A good way to apply for a grant is through your FAFSA form.

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Talk it over with your family and guidance counselor.

Use Bankrate's student loan marketplace to examine many of the country's top lenders.

Compare interest rates and payment terms to find the best loan for you.

When you're ready, you can apply for your student loan online — quicker and easier than you might think — and get the money you need for college.

Student loans come in two types: federal student loans and private student loans. This includes banks, credit unions, or online lenders.

Before you consider a private student loan, research available grants and scholarships.

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