Consolidating private student loans blog
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If you’re tired of making sky-high interest rate payments, student loan refinancing may be a good option for you.
At a minimum, lenders want to see that you have a stable job and a steady income, that you use credit responsibly and that you’ve been in the workforce for a little while.
Some lenders also prefer customers who have graduate degrees, especially if you have a lot of debt.
When you consolidate your loans, you combine multiple loans into just one — however, the overall interest you’re paying does not change.
There are several reasons why you may want to consolidate your student loans.
Consolidation and refinancing may be new terms for you so we have broken down the basics for you.
But first, go ahead and give yourself a pat on the back.
Student loan refinancing is not the same as federal consolidation. The best refinance lender for you depends on your priorities.
Borrowers often look for the lowest interest rate possible, but it’s worth checking out the various features each lender offers. When you refinance a federal student loan, a lender pays it off and issues you a new, private loan.