Consolidating private school loan money

You typically need a credit score at least in the high 600s to qualify, and rates range from around 2% to more than 9%.Consider refinancing if you have: Refinancing federal loans into a private loan means losing consumer protections specific to federal loans.We sometimes earn a sales commission or advertising fee when recommending various products and services to you.

If you feel overwhelmed with managing your student loan debt, don’t panic. One way to make student loans more manageable is through consolidation.

When you consolidate your debt, you combine all those loans into one.

Student Loan Hero is not a lender or investment advisor.

We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.

Here’s how: Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.

But it’s only for federal loans, and it won’t cut your interest rate.

Consider refinancing if you have: Use Nerd Wallet’s student loan consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life.

Other benefits of consolidation could include securing more favorable interest rates (if you also refinance) and lower monthly payments (by extending the repayment term).

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