Consolidating loan private student
Use our student loan repayment calculator to help you determine the payment rate versus time needed to resolve the debt.
Remember that a higher interest rate will lead to a higher monthly payment, but it will also shorten the life of the loan.
If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!
If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.
Consolidating student loans can be tricky, and several factors need to be taken into consideration when making your decisions.
You actually have about a six-month grace period after graduation before your loan payments begin.
This is the ideal time to consider loan consolidation to arrive at a monthly payment you can afford.
The most glaring difference is that, with a Federal Consolidation Loan, your interest rate is fixed in keeping with a federal formula, while private consolidation interest rates can be either fixed or variable.
Variable means that the interest rate can increase at any moment.