Consolidating your loan

Posted by / 17-Nov-2020 05:56

Consolidating your loan

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Finding the right bank to refinance or consolidate your student loans is confusing.

If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.

Disclosure: Student Loan Hero is a free website to help student loan borrowers.

Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.

With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!

Consolidating allows you to merge multiple eligible loans into a single loan.

This report was not chartered by or created on behalf of any lender listed below.

Learn more A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan.

Fixed-rate loans often have higher rates than the introductory rates on variable loans.

Borrowers may select any term offered by a lender regardless of the current loan term.

Learn more The average amount borrowers have saved by refinancing with this lender.

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Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR.