Consolidating private lender student loans
But all too often those loans become a financial burden to graduating college students, and can leave them in very real economic distress.
Following graduation, students often find themselves with better job prospects, but with no immediate increase in income.
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You should also consider refinancing as you might be eligible for a better interest rate, saving you money.
You can consolidate both your federal and private student loans together with a private lender such as a bank or credit union.
Fortunately, loan consolidation offers students a practical way to better manage their outstanding college loans.
When students consolidate their outstanding college loans, either their existing lender or a new lender will pay off the balance of all of their students loans and write a fresh loan agreement to cover that total.
Often used interchangeably, consolidating and refinancing student loans refer to different things.
If you consolidate student loans, you are taking out a new loan in the amount of all of your existing loans combined.
Your credit score is used to determine credit worthiness down the road when you need it most such as buying a car or home.
Consolidating your loans will leave you with one bill to stay on top of.
With the price of higher education on the rise, students are taking on more student loan debt to pay tuition.
However a loan from a single lender may not be enough to cover the full cost.
Your original interest rates carry over so you’ll end up paying the same amount over the course of the loan.