What lenders are consolidating private student loans

05 Oct

This new loan agreement helps students to more easily manage their debt by reducing all payments to one more affordable monthly payment.For many students, loan consolidation can mean the difference between totally discharging their college loans and going into default.If you are struggling with student debt or just want to make it more manageable, refinancing or consolidating your student loans can help your financial situation.You may be able to refinance your student loan debt and reduce your monthly payment or lower your interest rate to make your loans more affordable.It is nearly impossible to complete a college education without creating some level of student debt.Loans, both Federal and private, make it possible for thousands of students every year to achieve their college goals.

Borrowers should thoroughly research the interest rates for their existing loans and any forgiveness or deferment benefits attached to their existing loans before consolidating loans.

For practical purposes the term refinancing is used on this website to refer to both refinancing and consolidation of student loan debt.* You may be eligible to refinance or consolidate private and federal student loans with the lenders in the Network if you meet certain requirements such as: IMPORTANT: When considering refinancing or consolidating student loan debt, it is important to understand that you are receiving a new loan with new terms, interest rates and benefits.

None of the features of your old loans, whether private or federal, will carry through to your new loan.

But all too often those loans become a financial burden to graduating college students, and can leave them in very real economic distress.

Following graduation, students often find themselves with better job prospects, but with no immediate increase in income.