Eligible consolidating lenders
(For example, if you consolidate Stafford Loans at the 6.8% rate issued from 2006 to 2013, the rounding will bring the rate up to 6.875%.) provides a great rundown on the personal considerations you'll need to make in this article.If you look to private lenders to consolidate, you'll get the benefits of making just one monthly payment as well as greater choice in determining what type of loan is the best fit for you.Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.First, what does consolidating student loans really mean?
By the time graduation rolls around, it’s not uncommon to have four or more student loans!Your new loan will come with whatever borrower protections your new lender specifies.(Be sure that, at minimum, you can take advantage of deferment and forbearance so that you have some cushion in the event of an emergency).The "refinancing" aspect is something the government does not really offer.Refinancing allows you to get a better interest rate on your loans than you did when you first borrowed.
However, Brian Mc Bride, an associate producer at CNN and a 2010 graduate out of Arizona State University, managed to pay off $26,500 in debt in just two years. Mc Bride owed $20,500 in student loan debt and $6,000 for his 2003 Honda Civic.