Consolidating private student loans 2016
In the following sections, we will go over the refinancing and consolidation lenders in the industry and what they offer.This post is the result of extensive research into the best options and compares the 9 most common online consolidation and refinancing choices.
If any of the information gets out of date or is incorrect let me know and I will update it!
Yes, according to FICO, all applications made in the previous 30 days does not impact your credit score and having a group of applications on your credit history gets grouped to minimize impact. So Fi is one of the largest student loan refinancing companies and has quickly risen to the top over the past few years.
The company boasts its desire to help its customers by offering zero fees, better interest rates, and unmatched customer service.
While going to college is surely something to be proud of, and is a great investment in your future, most students and their families are unable to pay for it out-of-pocket.
After all scholarships and grants have been exhausted, the next option is student loans.
Nowadays, 7 out of 10 college graduates have student debt and the average has over ,000!
If you took out a loan to pay for college, you are probably paying too much, and could potentially save thousands through refinancing!
Refinancing your student debt is just like your car or home mortgage.
The new lender pays off your old one and gives you a new one with new, hopefully lower interest rate.
By lowering your interest rate, less additional money will be added to your total balance each month, ultimately saving you money!
Most lenders also allow you to refinance and consolidate multiple loans into one, making repayment much more manageable.