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Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.Private consolidation lenders, on the other hand, are not subject to those terms and may include variable rates and any number of fees.What's more, some benefits of a federal consolidation loan, such as interest subsidies on deferred loans, are not available on private loans.A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.Discounts reduce the amount of interest you pay over the life of the loan.
If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.If you make three voluntary, on-time, full monthly payments before consolidating, you can choose from any of the repayment plans available to Direct Consolidation Loan borrowers. One option for getting your loan out of default is loan rehabilitation.When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.Each lender has its own specific underwriting criteria, so you may have a higher chance of approval at certain lenders.One way to get out of default is to repay the defaulted loan in full, but that's not a practical option for most borrowers.
After you are done, you will know how to refinance and consolidate student loans. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.