Consolidate my student loans | What Don Banks # 39; want you to know!
Find out if student loan refinancing is the right choice for you.
There are many potential benefits to refinancing student loans If you have regular payments on your existing loans, you may wonder how refinancing can be useful, for example, Citizens Bank, you can refinance loans federal and private student loan with education Refinancing for a single payment more manageable monthly You may also be able to receive a lower and lower interest rate or payment.
That said, it is important to keep in mind that when you refinance your student loans, you replace all your current and future benefits of the advantages of the new refinance loan.
See the two grids below for helpful tips on what to consider before refinancing your student loan if you feel like refinancing is good, you can get your personalized rate and economies without hurting your credit right here.
Consider the potential benefits and consolidation factors or refinancing of federal student loans and private in the table below, it is important to note, when refinancing student loans from the federal government, there are additional considerations described in the next section.
Simplify your payments by consolidating all your private and federal student loans into one loan.
When you consolidate all your student loans with us, you will make one monthly payment.
Depending on the interest rate you have on your current loans and credit and the credit of a co-signer on your new loan, your new loan may have a higher interest rate or a higher monthly payment .
If you switch from a fixed rate to a variable rate, variable rate may be lower now, however, it is possible that the variable rate to increase or decrease each month if the rate goes up, your monthly payments will go up too.
The two main ways to reduce your monthly payment student loan when you refinance or consolidate are.
If your new loan gives you more time to pay.
If your refinance loan extends your time to pay, but your interest rate is lower, you will probably pay more interest over the life of the loan.
However, remember that there is no prepayment penalty if you are able to prepay all or part of your loan refinancing, and it can help you ultimately save over the term of this loan can provide the best of both worlds by increasing your monthly income flow and giving you the freedom to prepay your loans when possible.
For more information on interest rates affect monthly payments, talk to a student loan specialist.
Generally, a loan with a longer term carries a higher interest rate So if your new refinance loan has a longer duration than your existing student loans, you will probably pay a higher amount of interest on the term of the loan.
When you repay your loans with prepayment pay more than the minimum payment each month, you can reduce the total interest However, refinancing may result in your total monthly payment higher than your existing student loans.
If your current student loans have a variable interest rate, your monthly payment may change as the rate changes if you refinance a fixed rate loan, you will have the certainty of a constant monthly payment.
However, the fixed rate you get today will probably be higher than the variable rate you now have your new monthly payment may be more than your current monthly payment, but your payment will never increase.
Gain financial independence by refinancing your current without cosigner.
If you currently have student loan with a cosigner who has better credit than you, and you choose to apply for a student loan refinancing without cosigner, your new loan may have higher interest rates and higher monthly payments.
See how you will make your monthly payments if you lose your job or source of income, or choose to refinance your student loan without cosigner If you apply with a cosigner, you may be able to release the loan after making a number of Make payments on time with the lender for details on their cosigner release policy.
Special considerations for refinancing student loans from the federal government.
When you refinance, you waive all current and potential future benefits of your federal loans and replace those with the benefits of education loan Refinancing for this reason, before refinancing your student loans from the federal government, it is important to make sure that you are aware of any reimbursement options or unique benefits to federal student loans that you can lose.
Remember that you can choose to refinance your federal student loans and private separately To keep your federal loan benefits, you may prefer to refinance your federal student loans under the federal direct loan consolidation program then you can refinance your loans private student with us However, when you consolidate the two types of loans together, you have the advantage of a single, more manageable monthly payment.
With some federal student loans, low income can you qualify for a lower monthly payment if reimbursement based on income is important to you, you should seriously consider consolidating your federal student loans federally When you refinance your student loan Refinancing with our education loan, the monthly payment is based on the interest rate you receive, and there is no possibility of reducing this rate based on limited income.
loan forgiveness for borrowers in certain positions in the public service.
Borrowers in certain types of public services public employment jobs, education, the military, AmeriCorps, Peace Corps and other nonprofit jobs may be entitled to have a significant portion of their federal loans forgiven .
As with most private loan refinancing our loan Refinancing education doesn t provide loan forgiveness for borrowers with a position in the Public Service If you have federal loans and intend to stay in your work for the Public Service you must determine if your loans would be eligible for forgiveness If so, consider consolidating these loans through the federal loan consolidation program.
Some military benefits if you or your spouse currently serve or intend to serve in the army.
military personnel on active duty are eligible for several benefits of federal loans We offer military deferment and an interest rate cap, even if you are on active duty at the time you refinance If you or your spouse are serving or intend to serve in the military, you should compare the military advantages of a federal loan with those of education refinancing loan.
plans medical and economic forbearance that can excuse the payments up to 24 months.
Education loan refinance offers up to 12 months of tolerance, including for medical or economic difficulties over the term of your loan with no more than two months of patience at a time if you do not have funds emergency to cover short-term financial issues, you may want to refinance your only private loans.
Both federal loans are forgiven and our loan in case of death or permanent disability of the student borrower.
The option to refinance your federal student loans to your existing interest rates.
If your interest rates are lower than what offers education loan refinance, you benefit from consolidating your federal loans with a federal direct consolidation loan where your new rate is an average of your current rates.
Federal loans can be rehabilitated default thinning of a borrower's credit report.
If you have defaulted on your student loans, the loans are not eligible for refinancing with Education Refinance loan in case of default on a new education loan refinancing, we don t have a program to formally address the default and eliminate the registration of these defaults in your credit report.
Some employers, including some government agencies and the military, will make payments on federal student loans as an employee benefit.
Each employer offering this benefit has a different policy on which federal loans that the employer is entitled to the payment If your job offers this benefit, you should check with your employer to make sure your refinance loan will still be eligible for the payment.
forgiveness of the loan if your school has closed or committed fraud related to your loans or educational services.
In rare cases, federal loans can be forgiven by the Department of Education if your school closed or if you defrauded your school More information can be obtained from the Ministry of Education by refinancing of federal loans into a private loan refinancing, you waive any rights and benefits that you must have these loans forgiven by the federal government.
Your credit has deteriorated sharply since you got your original loan.
You do not want to lose the features and benefits of your current loans that our education loan refinancing can not provide.
We know this is an important decision and we are there to help throughout the process to help assess whether refinancing is for you, talk to one of our student loan specialists at 1-877-464-6340.
Should I refinance my student loans Citizens Bank, refinancing student loans.