Secret 3 Things Your Financial Aid Advisor Isn’t Telling You

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A student loan is designed to assist students pay for tertiary level education, such as university tuition, books and living expenses. It differs from other types of loans because the interest rate maybe substantially lower and the schedule for repayment are usually deferred until the student has successfully completed their education....

Current Student Loan Consolidation Rates

Consolidation Rates

Consolidation of student loans is a process where different types of loans taken by a student, are bound together and a student is required to file a single monthly payment to repay all loans, rather than making each slice. It is important to understand here that there are many types of costs for achieving different types of courses....

Refinance Rate For Student Loans

Consolidation Rates

While you’re unpleasant to get a college studies, student loans can seem equal an immense payment, but once you are out of college, you’ll face the repayment on all those loans that you possess arrogated out during your period of school. If you’re weighed down with your college loans, then you may be wondering if a combining loan is appropriate...

Re-consolidating Student Loans – Advantages

Consolidation Rates

Upon graduation from college, students begin to think of how they will accomplish the goal of paying off their student loans. Many financial institutions are now making available to students a loan consolidation service. This service has been offered to students, as well as recent graduates, to help ease the financial impact that these loans can...

Consolidation of Student Loans

Consolidation Rates

Putting cash back in your pocket can be as easy as performing a consolidation on your student loan. A college education is one of the most important ways of ensuring a financially secure future, however, the cost of said education is quite daunting to think about and come up with. It is very common for students to have to take one loan after...

Student Loan Consolidation – The way out of your student loan debt hell

Consolidation Rates

Decades ago, college education was quite inexpensive and it was a certain ticket for the middle class. But today all of this has changed and has become so expensive that people are not being able to afford their higher education. Living in a state that dons a double digit unemployment rate, both the students and their parents are failing to make...

Defer Your Student Loan – Advance Your Degree and Put Off Payments

Consolidation Rates

Great news! You might not be aware that if you decide to go further within your career field and get a more advanced degree you will have the option of deferring your current student loans. This in no way allows you to get out debt free but it does give you longer repayment terms and longer that you can put off paying those payments. You can find...

Student Loan Consolidation Rate Comparisons – What Variables Are Considered When Trying To Get Approved?

Consolidation Rates

If it’s about time for you to start college, chances are that you are in the market to find out as much information as possible regarding student loan consolidation rate comparisons. Many variables are taken into consideration when student loan consolidation rate comparison approval, funding, or denial are decided....

Student Loan Consolidation Advice

Consolidation Rates

Perhaps you are more or less in the same situation like most college or university students who are searching for advice concerning consolidation. If you are such a person having more than one student loan or have graduated yet servicing several loans then it’s prudent enough for you to consider consolidating your loans into one parent loan which...

Consolidate Private Student Loans

Consolidation Rates

Loan consolidation is in really high demand globally. The reason for this is that it is a great option when it comes to increasing your cash flows on a monthly basis. Private loan consolidation programs help you to combine all the loans into one loan which increases the term of the loan repayment period and it also reduces the monthly repayment....

How to Refinance Student Loans

It is possible to refinance student loans. The benefits of refinancing are numerous. The ultimate goal of this process is to reduce the amount of interest you must pay on these loans. This can also reduce the amount of your monthly payment, the amount you must repay in total and the length of time you must repay it in. However, every person's situation is unique. It is up to you to select the most appropriate method for refinancing student loans. You also must prove you are a good risk to any lender.

Why Refinance Student Loans?

There are numerous reasons to refinance student loans. One of the main reasons to do so is to get a lower interest rate. However, consolidating loans from several companies into one, easy to pay loan, can be much better for many individuals. Having one loan to pay instead of numerous can make a big difference in managing your debt.

What You Should Know about Your Need to Refinance Student Loans

Before you consider the process to refinance student loans, know what to expect from the outcome.

  • If you cannot make payment on your loans at all, because you do not have income, for example, refinancing or consolidating the loans is not going to help you. Rather, consider entering a period of deferment with your lenders. This provides a short period of time where you do not have to repay the debt.
  • Determine what your goal is in refinancing. Do you need a lower monthly payment? Do you want just to benefit from lower interest rates? If you need a lower monthly payment, extending the term of the loan (repaying it for longer) can reduce payments. If you want to save money, find a low interest loan and pay it off sooner.
  • Determine if you qualify for the income-based repayment plan options. This is a new type of program available only for those who have federal student loans. You can opt into this program - you do not have to do so. If you do, it will cap how much you have to repay monthly based on what your current income is. This could increase the length of repayment of the loan, in the long-term.

Know your circumstances, too. If you took out the loan when you were young and had little credit history, your credit score could have been significantly lower than it is now. When you refinance student loan rates now, with a higher score, you could qualify for a significant savings.
There is no reason not to refinance student loans if you are paying more than you should be. If you need relief or just want a lower payment each month, look for lenders who can offer a significant savings to you. Most types of student loans, including federal student loans and private loans, can be refinanced if you have the credit and income to make payments on it. Compare several options to determine the most affordable refinance option available in your situation.