Consolidating a private student loan

You will have a lot of important financial decisions to make after getting a job, one of which will be paying down your student loan debt.

If you took out multiple student loans in undergraduate or graduate school, they may all have different balances and interest rates.

Managing multiple due dates and lenders can seem complicated; however, many graduates consolidate and refinance their student loans in order to simplify monthly payments and potentially qualify for better rates.

If you're wondering what you need to know about consolidating student loans, find answers to the questions you have before consolidating in this guide from Citizens Bank.

Some private lenders will include federal student loans in a private refinance.

Other private lenders refinance only private student loans.

Multiple student loans can be a huge burden, and managing them individually is also extremely complicated.

For individuals with multiple student loans, consolidating those loans can help you in a number of ways; not only does student loan consolidation help with decreasing your overall interest payments, it can also help you to avoid missed payments and the complication of making multiple payments.

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Most lenders require the borrower to be a citizen of the United States (or a legal resident), and to meet certain credit, employment, education, and income requirements.The rates on the loan consolidations depend on your credit profile.Rates can be variable or fixed, with loan durations of five, 10, 15 or 20 years.As a borrower, you might have questions about how the consolidation process works.Review the following questions and find what you need to know about consolidating student loans.

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