Finding the right bank to refinance or consolidate your student loans is confusing.
Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.
Student loan consolidation is the act of putting various (or even one) loan into a new package.
Another forgiveness aspect is that when you enter into the Income Based Repayment, your first three years of unpaid interest are forgiven.
What this means is that if you qualify for a zero payment for example, all that interest that you are not paying for three years is not capitalized.
If you’re thinking about trying to consolidate federal loans you took out as a student, consider these: First, make certain you are eligible.
At least one of your Federal Family Education Loans, Direct Loans or Direct PLUS loans must be in deferred, grace, or repayment status.
Likewise, if you’re making your payments without any difficulty, you might have no need for lower payments.
There are a lot of debt consolidation programs out there.Student loan consolidation programs are unique because they offer certain benefits that only come with student loans.A few of the biggies are: If you have private student loans, you can still "consolidate," but you're really just refinancing those loans.The main reasons to consider student loan consolidation are: Depending on your circumstances, these may or may not be that interesting to you.If you’re not worried about rising interest rates, for example, then you might not care about getting a fixed rate.Most of the repayment terms are decided upon the balance of your loan.