Federal help consolidating student loans
This would allow you to qualify for a lower rate based on your credit score.
However, keep in mind that federal loans have relatively low rates compared to private lending.
Employment only matters when it comes to federal student loan forgiveness programs.
In most cases, you must be employed in some type of public service profession to qualify.
In fact, a study by the Government Accountability Office (GAO) found that about half of federal student loan borrowers overpay.
However, these repayment plans don’t help you qualify for lower interest rates.The most affordable plan is Pay as You Earn (Pay E).For the average borrower, the monthly payments usually equal to about 10% of your income.So, only borrowers with excellent credit would even have a chance of beating federal rates.If you have excellent credit, then you may decide to consolidate all your federal and private loans together.