Questions about consolidating student loans
There is a lot to think about when it comes to private consolidation of federal loans.
If you want to go this route you will need to have a good credit score and a decent income.
Consolidation with a Private Lender – In order to consolidate with a private lender, a borrower must pass a credit check in order to get approved.
By slashing your interest rates you can lower your monthly payments and get your loan paid off faster.
All loans are eligible for private loan consolidation, even federal.
As a result, it really pays to apply at a number of places to find the best rate.
Our full list of student loan reviews should provide a useful starting point in your research and hopefully offer some insight on the other companies out there.
In theory, only one lender is required to complete the process, but we normally recommend shopping around in order to get the lowest interest rate.
This adds a bit of extra time to the process, but can result in significant savings.Our student loan consolidation company list has links to the various lender application forms.Just because you can’t pay off your Navient loan tomorrow or next week doesn’t mean you are stuck with the same loan and same terms for years to come.As you start going over your financial situation and reviewing your student loan bills, you should know that you are not alone. The good news is that there is almost always something you can do to improve your situation.Your options vary a lot depending on what type of loan you have.Combining the wrong federal loans could result in borrowers not being eligible for preferred repayment plans.