Best option for consolidating private student loans


06-Sep-2019 09:29

When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.

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The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.Definition: To refinance private student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.To qualify, you must have a strong credit profile and employment history, or proof of income.You may be looking for ways to refinance your student loans at a lower interest rate, but don’t know where to turn.

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We have created the most complete list of lenders currently willing to refinance student loan debt. Don’t worry about the impact on your credit score of applying to multiple lenders: so long as you complete all of your applications within 14 days, it will only count as one inquiry on your credit score. Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.