Student loan refinancing is a similar concept to student loan consolidation except that it is done through a private lender.This is a better decision for borrowers who are generating more income than when they started college.It can simplify your repayments and open you up to more perks. A federal Direct Consolidation Loan works by combining all of your federal student loans into one.
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The application typically takes about 30 minutes to complete, though you might want to follow our step-by-step guide to get an idea of what to expect.
Before you get started, make sure you have a recent statement for each loan you’d like to consolidate on hand.
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Luckily, there are a few ways that can lighten the burden of your debt and help you pay it off.
Through the use of programs like Student Loan Consolidation or Refinancing your debt can start to disappear at a rate that works for you without going into default. So, when you are making payments you are making payments on many loans, not just one.
It’s a type of federal Direct Loan, meaning it’s eligible for most repayment plans. You can still consolidate it as long as you meet the requirements.
While your rate might increase, it could be a good way to open yourself up to longer terms, more flexible repayment plans or forgiveness programs.
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans.