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Consolidating signature student loans

But be aware–once you do so, you’ll lose your borrower benefits on your federal student loans.These may include repayment options, like income-based repayment, as well as student loan forgiveness options.These are private lenders who will consolidate all your loans.If this is something you’re interested in, Lending Tree can connect you with a lender to refinance your student loans.The loan term will be 30 years, which is likely to reduce your monthly payment amount by stretching out the loan term.

Therefore, if you have some loans with a significantly higher interest rate, it could be beneficial to consolidate.This means your monthly payments will fluctuate as interest rates go up or down.Private student loans can usually be paid off over a 10-25 year term.There are also seven different education loan repayment plans, which are based on the borrower’s personal financial circumstances.Make sure you carefully research all your options, and weigh the pros and cons before taking action.When we’re talking about a Direct Consolidation Loan, the answer is no.However, there are some options for refinancing or consolidating your federal and private student loans.This is done through a private lender such as a bank or credit union.Unlike federal loan consolidation, private student loans often come with a variable interest rate when consolidated.Because you’re stretching your payments out over 30 years, the amount of interest you pay over the life of the loan will be greater, even though your monthly payment may be less.Like your federal student loans, private student loans may be consolidated into a single monthly payment.

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  1. Compare personalized student loan refinance offers from SoFi, Earnest, CommonBond and other top-rated banks and online lenders. See how you can qualify for fixed interest rates as low as 3.09% and save thousands on your student loans.

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