How these lenders can help, however, depends on a few factors, such as your income, credit history, credit score, and monthly expenses, not to mention what they are able to offer.Each lender will have their own requirements for Private Student Loan Consolidation, making it important to choose the best lender for your situation.
Beyond locking in a favorable interest rate, you can sometimes include your new monthly student loan payment in your mortgage payment, which makes paying back your loans easier.Education Lenders: There are numerous education lenders who can help you get out of student debt and lower your monthly payments through consolidation.Depending on your current salary, credit history, and credit score, you may be able to earn approval for an interest rate that is far lower than the average you’re already paying each month towards your loans.Release of Cosigner: If you had a family member, friend or loved one help you get a low interest rate on your original student loans, a private consolidation loan enables you to pay off those loans, releasing any cosigners from their debt obligation, and likely improving their credit score.Other borrowers consolidate their loans to streamline their student loan payments into one monthly payment and eliminate the hassle of keeping track of multiple student loans.
When you consolidate your loans, you have only one due date to remember as opposed to several, making it easier to manage your finances.
As with any loans, it’s important to know how a Private Student Loan Consolidation can help you specifically, and get you on your way to becoming debt-free.
For more details on Private Student Loan Consolidation, speak with a student loan specialist by phone at (800) 792-0139.
Unlike federal consolidation, the Education Refinance Loan bases the new interest rate off market conditions as well as your creditworthiness, potentially providing a rate lower than your existing loans.
Keep in mind if you refinance your federal loans with a private lender, you will no longer be eligible for current and future federal benefits such as eligibility for loan forgiveness programs.
Many borrowers will refinance and consolidate their student loans in order to get a lower interest rate.