Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school.
Learn more about when to consolidate and refinance federal and private loans.
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.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is 0,000.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
Discounts reduce the amount of interest you pay over the life of the loan.
Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.