Advice for consoladating school loans
With an average balance of ,400, student debt is a big part of the average college graduate's life.
At Lend EDU, we help borrowers compare the top student loan companies in one place.
Refinancing and consolidating student loans can be a financial game changer: You can pay your debt in a single monthly payment and potentially lower your rates—meaning less interest and more peace of mind.
Here are our top five tips to help you navigate and understand student loan refinancing. What’s the balance owed and the interest rate for each loan?
Once loans are combined into a Direct Consolidation Loan, they cannot be removed.
The previous loans are paid off and no longer exist.
It’s a new year—and the perfect time to take a fresh look at your student loans.
With recent changes in the financial landscape, now is a great time to consider a change if you are one of the 40MM individuals with student debt.
7 out of 10 graduates are now graduating with some form of student loan debt.
Consolidating your student loans Let’s take a look at a few of the pros and cons of consolidating your student loans.
If you have multiple student loans, consolidation can offer some simplicity to your repayment.
Let’s look at an example of getting a federal consolidation loan—you can also get a private consolidation loan if you have private loans, but we’ll get to that in a minute. Fifteen thousand dollars in subsidized loans with a 3.5% interest rate, and then two different unsubsidized loans: a loan of ,000 with a 4% interest rate, and a loan of ,000 with a five percent interest rate.
[Show example, with interest rates.] If you’re not sure about the differences between unsubsidized and subsidized loans, we cover this in another video.