A new survey says student loans are causing you to delay major life decisions
If your goal is to lower your student loan interest rate and monthly payment, the best strategy is to . You can refinance federal student loans, private student loans or both. Student loan refinance has no fees and there is no limit how often you can refinance. So, even if you already refinanced your student loans, you can refinance again if you can qualify for a lower interest rate. You’ll need a good credit score, stable and recurring monthly income, and a low debt-to-income ratio.
Student loan consolidation is the process of combining your existing federal student loans into a new, Direct Consolidation Loan. Unlike student loan refinancing, student loan consolidation does not lower your interest rate. With student loan consolidation, your monthly payment is equal to a weighted average of the interest rates on your current federal student loans, rounded up to the nearest 1/8%. Visit Studentloans.gov or call 1-800-557-7394 for more information on student loan consolidation.
Advantages: Potential to receive complete forgiveness of federal student loans. Amount of forgiveness not taxable. Disadvantages: Complex process and confusing requirements. 99% of applicants have been rejected. Requires 10 years of payments.
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