With an average balance of ,400, student debt is a big part of the average college graduate's life.
We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.
After you are done, you will know how to refinance and consolidate student loans. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.
Federal student loans are usually consolidated through the federal government and the interest rate is calculated by using weighted average of all the federal loans being consolidated.
Private student loans (and occasionally federal student loans) are consolidated by private lenders and the new interest rate offered will be dependent on your credit score. Check your rate using Ready For Zero's free debt consolidation tool.
My reaction upon first learning about student loan consolidation roller coastered from, Needless to say, I covered the gamut of emotion.
After years of hearing about the unforgiving nature of student loan debt (no bankruptcy, fewer options for forgiveness, etc), an opportunity to lower monthly payments (and potentially lower interest rates) seemed almost too good to be true.Below we've ranked the leading student loan refinancing and consolidation companies. There are many different benefits and drawbacks of what each student loan consolidation and refinancing lender offers, and it is important to be aware of all of them.It is free to apply and the process usually takes about 15 minutes. You will find all of the necessary information below.Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and ,000 in yearly gross income.To help ease the burden of student loan payments, many borrowers opt to consolidate or refinance their student loans.Both options have the potential to help you pay your student loans off quicker and pay less interest along the way, but there’s a lot of confusion around how they work, how they differ, and whether they’re right for you.If you consolidate parent PLUS loans with other direct federal student loans into a Federal Direct Consolidation Loan, the only income-driven repayment (IDR) program that loan will be eligible for is income-contingent repayment (ICR), the least generous of all IDR plans.