Using automatic payment ensures that on-time payments will be made; this option should be considered by every borrower entering loan repayment.
If you are interested in an automatic payment process, contact your consolidation loan servicer.
When you consolidate privately with the Education Refinance Loan from Citizens Bank, you can consolidate both federal and private student loans into a new loan with your choice of either a variable or fixed rate.
Consolidating your federal loans through the government will have different borrower requirements.
For example, you may need to identify the types of federal loans you have and their repayment statuses.
There are no fees, no credit checks, and no pre-payment penalities on a federal student consolidation loan.
The interest rate for a federal consolidation loan will be a fixed rate, which is determined by the weighted average of the interest rates on the loan(s) being consolidated, rounded to the nearest higher one-eighth of one percent.
Student borrowers may consolidate, or refinance, their federal student loans, including Direct, Stafford, and Perkins loans, into a federal consolidation loan. There are two main reasons borrowers decide to consolidate their federal loans: a fixed interest rate and lower monthly payments.
Other reasons include the convenience of having just one loan with one monthly payment and preventing one from defaulting on one's loans.If you took out student loans each year of college, it's likely that some rates are higher than others.Plus, if your credit score has improved, you may be eligible for better rates.Student borrowers may be able to reduce their federal consolidation loan interest rate by an extra 0.25 percent by electing to make their monthly payments through an automatic electronic debit from a bank account.This means that you authorize the payments to be made from your checking or savings account.Review the following questions and find what you need to know about consolidating student loans.