Consolidating private student loans fixed interest rate

Posted by / 16-Aug-2019 15:33

Consolidating private student loans fixed interest rate

If you extend your loan terms, you will have a lower monthly payment.

Federal student loan consolidation doesn’t involve a credit check, you may be able to lower your monthly payment and there could be other benefits, such as being eligible for more repayment plans or forgiveness programs.

Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.

And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.

You may be able to save money and lower your monthly payment by refinancing your student loans with an interest rate reduction.

However, when you refinance federal loans, they’ll become private loans and will no longer be eligible for federal programs, including income-driven repayment plans and forgiveness programs.

Finally, if you have a solid job and a solid credit score, think about looking into a personal loan at a bank or credit union.This is often the reason that people cite when they say you shouldn’t combine federal and private loans.But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship.But if your income is over a certain threshold, you won’t benefit from these programs.

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And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a through the refinancing process won’t make sense for every borrower, but it provides great benefits for some.

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