Consolidating private student
This is because federal student loans typically have fixed interest rates, which means your rate will remain the same over the life of your loan.
Private student loans usually have variable interest rates, which can change depending on economic conditions.
from all the best student loan refinance lenders listed with a single application.
You can even check your prequalified rates without sharing your personal information or incurring a hard credit pull, so it won’t affect your credit.
Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan.
The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
If you can lower your interest rates, more of your money can be used to reduce your debt, instead of paying off only your interest.
Refinancing doesn’t guarantee lower payments, but it could help you get a lower interest rate and enable you to pay off your loan faster.
Check out our student loan refinancing calculator to see how much you could cut your student debt by.Remember though, refinancing your federal loans could mean giving up your certain borrower benefits like deferment and forbearance, loan forgiveness, and income-driven repayment plans.Learn more about whether refinancing is right for you.So if you feel like your interest rate is too high, refinancing could help.This process will also combine all the loans you refinance into one convenient payment.