Consolidating a private student loan
Private lenders also usually require that borrowers have a certain minimum amount of student loan debt (say, ,000) in order to refinance.A private lender will determine the interest rate primarily by looking at your credit score.Private student loan consolidation or “refinancing” involves repaying older student loans by taking out a new loan from a private lender to replace them.The main benefits to refinancing student loans can include the following.With a Citizens Bank student loan consolidation, borrowers can also combine their undergraduate and graduate loans together.Annual consolidation loan rates range from 2.19 to 9.39%.
Review the following questions and find what you need to know about consolidating student loans.
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.
Student loan consolidation allows borrowers to combine multiple loans into a single, new loan with a new interest rate, repayment options and terms.
It's important to keep in mind that there are distinct federal and private options for consolidating student loans.
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Borrowers who are having difficulty with private student loans, from lenders like Sallie Mae and others, have fewer options.