A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.
View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
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.
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 ,000 in yearly gross income.
If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.
Each lender has its own specific underwriting criteria, so you may have a higher chance of approval at certain lenders.
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.
Really, the only significant different is that they are not eligible for federal programs, so you must use private lenders to refinance private student loans.
The good thing about going through private lenders is the amount of options available to you.
There are federal programs available to you that will allow you to pull all of your loans together and there are also private lenders who will be happy to refinance your student loans.
Private student loan consolidation is a little different, though not by much.