Reconsolidating a student loan youdating com
*The interest rate of a Direct Consolidation Loan is based on the weighted averaged of the underlying loans you want to consolidate, rounded up to the nearest 1/8 of a percent.
The weighted interest rate will be fixed for the life of the loan.
You can choose which loans you want to include in a refinance—it can be one, some or all.
For example, you can refinance your private student loans, and separately consolidate your federal student loans with a Direct Consolidation Loan to retain or get the benefits of the federal program.
Refinancing offers a new interest rate as well as options to potentially lower your monthly payment or pay off your loan faster to reduce the interest paid over the life of the loan.
Keep in mind that if you reduce your monthly payment by extending your repayment term, you may pay more interest over the life of the loan.
If you qualify, refinancing offers you a variety of options.
Keep in mind that your actual interest rate may vary as it will be determined by several factors when you apply.
These factors include the repayment term selected and the credit qualifications of you, and your cosigner, if applicable.
We’ll walk you through some of the key considerations as you decide whether refinancing or consolidating is right for you (there are even situations where you might want to refinance certain loans and/or consolidate others).
You have two options: either federal direct consolidation or private student loan refinance.