Refinancing and consolidating
With an average balance of $28,400, student debt is a big part of the average college graduate's life.
7 out of 10 graduates are now graduating with some form of student loan debt.If you prefer, you could call this “simplification” instead of consolidation.Refinancing is when you replace a loan (or multiple loans) with a completely new loan – ideally a much better loan.First, it’s helpful to clarify the differences between student consolidation and refinancing a loan.: instead of dealing with several separate loans, monthly payments, and billing statements, you can bundle everything together and handle it with one payment.Below we've ranked the leading student loan refinancing and consolidation companies. There are many different benefits and drawbacks of what each student loan consolidation and refinancing lender offers, and it is important to be aware of all of them.
It is free to apply and the process usually takes about 15 minutes. You will find all of the necessary information below.Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and $24,000 in yearly gross income.
We recommend the lenders above because we thoroughly evaluated them. Can I consolidate private and federal loans together? You can also extend the term of your loan, at the same interest rate.
However, our team also researched other institutions and found some good alternatives for people that want to consider all options before they begin the process of refinancing or consolidating student loans. If you’re concerned about lowering your monthly loan payments, consolidation could be a good option for you.
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It's likely that amount is spread out over several loans as students often take out new loans each semester or school year.