Consolidating your federal student loans

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Remember though, that your co-borrower will be responsible for the loan balance if, for whatever reason, you are unable to repay it.Quick application process: College Ave will pull all your existing loan information from your credit report, so you don’t need to find the paperwork on your servicer’s website, making the refinancing application process quicker and easier Flexible repayment terms: With College Ave, borrowers can choose the loan repayment term that works best for them, as long as it’s between five and 15 years.Some lenders will allow you to refinance before you graduate from school, meaning you’ll start saving on monthly payments and interest as soon as possible, but Citizens requires you to have graduated (or have stopped going to school) before you can refinance Fewer loan options than some newer lenders: Being an older, more established bank, Citizens doesn’t offer some features that some startup lenders have incorporated into their offerings.Some newer lenders allow you to, for example, choose your exact loan term and monthly payment amount or donate money to a nonprofit.Alternately, borrowers may select ‘graduated’ repayment, which starts with interest-only payments for a set time period, then slowly increases until the borrower is making his or her full payment amount Better for borrowers with low credit: i Help offers its borrowers a number of great benefits, but if you’re someone with a great credit score, you might stand to get even better interest rates with other lenders.While rates from other lenders start at close to 2% for those with good credit, i Help’s rates start at closer to 4% Fewer student loan term options: i Help offers only three different terms for student loan refinancing — 10-year fixed, 15-year fixed, and 20-year variable.MEFA loans have a number of limitations as compared to other lenders, such as limited loan term options, and a lack of benefits such as deferment or forbearance options.While MEFA could still be the right lender for you, it’s important to educate yourself before you dive in.

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In that case, a seven-year term could bring a more manageable monthly payment, while still ensuring you pay off your loans in under 10 years.But cosigning a loan is a big responsibility — i Help offers borrowers the option to release their cosigners from obligation after two years.The primary borrower must also meet certain credit requirements before cosigner release can be granted, including a minimum income and credit score, and a maximum debt-to-income ratio Multiple repayment options: i Help borrowers can request interest-only payments for up to 24 months.With College Ave, borrowers can reduce: If you think you may not qualify to refinance with College Ave on your own, consider adding a creditworthy co-signer.Applying with a co-signer can help you increase your chance of qualifying for refinancing, and could also help you get a better interest rate than you would get if you applied by yourself.

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