Horney phone sex chat - Consolidating student loans for a lower interest rate

Private loans are credit-based, so unless you have an excellent credit rating you will probably need a creditworthy cosigner to qualify for a lender’s lowest interest rates.Refinancing and consolidating student loan debt can be a great way to save money and take advantage of today’s low interest rates.

Refinancing can save you money each month through lower payments, and save you money over the life of the loan through lower interest rates.

Consolidating student loans with different payment amounts, due dates, and interest rates into a new loan with one payment, one amount, and one interest rate can make it easier to stay on top of your student loan obligation without a payment getting lost in the shuffle.

If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.

You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.

In general, you need to consolidate student loans from the federal government and from private lenders separately, meaning that if you have loans from both, you will end up with two consolidation loans.

It is easier to lower the interest rate on private student loans because federal loans calculate the consolidation interest rate based on the existing rates of the loans you consolidate.

Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.

First, what does consolidating student loans really mean?

As you already know, there are mainly two ways to consolidate your loans.

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