Consolidating student loans advice
Green Path will touch on some basic strategies regarding student loan repayment as part of a free credit counseling session.
You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together.The Direct Consolidation Loan program is the right choice if your goal is to simplify the process and keep your options open for the many repayment plans available for federal loans. Your rate is determined by the weighted average of the interest on the loans being consolidated rounded up to the nearest one-eighth of 1%.Within the past few years, student loan debt replaced credit cards as the second largest source of debt for most Americans.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.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.
More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017.
At Lend EDU, we help borrowers compare the top student loan companies in one place.
We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.
Challenges with student loan debt can hurt your credit, damage your income through wage garnishment and prevent you from achieving goals, such as starting a family or buying a home.
Thankfully, the federal government provides a range of debt relief solutions that can help you: The information below can help you understand how to consolidate your student loans.
Find out more about the choices debt consolidation offers.