Consolidating private government student loans

26-Oct-2019 21:05

consolidating private government student loans-73

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Private lenders have some requirements in order for applicants to qualify for student loan refinancing.Typically, you will need a credit score in the high 600s to qualify, and rates range between 2%-9%.If you are dealing with multiple student loans, or have other loans in addition to your student loans, you may want to consider debt consolidation.Instead of having to pay and keep track of numerous monthly payments, you can switch to one monthly payment, and in many cases renegotiate the loan terms and lower your interest rates.You have no wiggle room when it comes to repayment options, like you do with federal loans as I explain below.Private student loans typically can’t even be dismissed in bankruptcy.When applying, lenders will look at financial information such as your credit score, income, employment history, and education.

With federal student loan consolidation, the interest rate on your new loan will go up slightly.Make sure to review the terms and rates before accepting the loan online.- Combines multiple federal and/or private student loans into one private loan - May reduce interest rate - One monthly payment - Could lose consumer protections of federal loans - Credit and income requirements If you have federal and private student loans, or a combination of both, you could potentially save money through student loan refinancing.