Consolidating And Refinancing Student Loans

How To Consolidate student loans

Consolidate student loans

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Consolidating And Refinancing Student Loans

What do you need?

You need to have $10,000 in order to consolidate student loans. You’ll need a credit card (any kind) to open up a new account and make your payments. Your interest rate will go down about 0.25% per month after making six monthly payments. When you finish paying off your loan, you’ll receive a refund check back.

How much will it cost me?

Once you’ve received your refund check, it will cost you less than $20. If you’d rather not use a credit card, you’ll pay around $5-$15 for a prepaid debit card.

Is it worth it?

If you’re considering refinancing student loans, then I would definitely recommend it!

Consolidating And Refinancing Student Loans

Consolidate Your Debt

You’ve heard it before, and now we’re going to say it again…consolidation is a great way to save money and pay off student loans faster. This method not only reduces interest rates on outstanding balances, but if done correctly, you could even gain access to lower interest rates on future purchases.

Get A Loan That Works For You

In today’s world of high-interest student loan debt, you need to find a lender who makes things easier and less expensive. These are the steps to finding a good deal:

Research your options. What kind of loans do they offer? How much does it cost? Are there any fees involved? Do they have special deals for people under certain situations?

Make sure you apply for financing from several different lenders. Don’t just go with the first person you speak to; take time to compare costs and terms among various lenders.

If possible, get preapproved for the loan. Preapproval means you know how much your loans will actually cost you and how much you’ll end up paying back each month. This not only helps you choose between lenders more carefully, but it also gives you more leverage and bargaining power when dealing with them.

Find out what type of payments work best for you and stick to those. There are two types of repayment plans: fixed and flexible. Fixed means you make the same payment throughout the term of the loan. Flexible is based on your income and financial situation, so your payment may fluctuate over time.

Think about refinancing and/or consolidating your loans. If you currently have several different loans, refinance them into one affordable monthly payments. Also, consider consolidating your loans. Doing either of these steps will help reduce your total amount owed and bring down your interest rate.

Pay Off Student Loans Early

If you have the discipline to do it, you’ll really start saving money as soon as you start making extra cash. If you don’t already have a savings account, open one now. Start putting away at least 10 percent of your paycheck. Before long, you’ll be amazed at how fast your balance drops!

Save More Money In General

Start stashing some of your extra cash where you won’t lose it (but where it will still benefit you). Put a little bit of money toward a rainy day fund, invest in stocks and bonds, start a retirement plan, or set aside money for emergency purposes. Whatever you put away, you’ll thank yourself in later years when you can use it to pay off big debts.

Use Credit Cards Wisely

Consolidating And Refinancing Student Loans

Consolidate student loans

Consolidation is the process of paying your student loan debt at a lower interest rate while maintaining its original principal amount. You’ll need to consolidate if you’re behind on your payments or have high monthly payments. Use our consolidation calculator to find out what works best for you.

Refinance student loans

Refinancing is the process of changing the terms of your student loans to make them easier to pay back, like lowering your interest rates and extending the length of time you repay. If you can refinance your federal student loans, consider doing it! Most lenders offer refinancing options, but you may not qualify depending on your income and other factors. Find out how much you could save using our refinance calculator.

Consolidating And Refinancing Student Loans

Consolidate Your Loan

A consolidation loan is when you combine loans into one payment plan. A consolidation loan can give you many advantages over paying off your student loans individually. When consolidating your loans, the interest rates will be lower than if you were paying off each student loan separately. Additionally, you may qualify for a higher amount of money based on your total debt amount. If you have any questions about how consolidation works, contact us today!

Make Repayments On Time

Making payments on time adds credibility to your credit score and increases your likelihood of qualifying for a low-interest rate loan. You don’t want to delay making payments since doing so could result in late fees and even additional interest accruing on top of your current interest rate. Also, missing a scheduled repayment date can negatively affect your credit score.

Avoid Payday Advances

A payday advance is when you take out a cash loan that is meant to be paid back on a future pay day. These types of loans are often expensive and should only be considered as a last resort. In addition to being expensive, they are not suitable for long term financing. Instead, make sure you set up a direct deposit for your paycheck so you won’t need to borrow money at a high cost.

Consider Alternative Payment Plans

When looking at alternatives to traditional repayment plans, consider deferment and forbearance options first. Deferment puts a temporary hold on your payments while forbearance temporarily postpones all payments until your situation has improved. Both deferment and forbearance can be useful tools to help avoid defaulting on your loan. However, before you decide to use either option, consult with your lender regarding their specific requirements.

Use Credit Cards Wisely

Credit card usage is a good way to build credit and improve your financial standing. But using credit cards wisely can actually save you money. By taking advantage of promotional offers and rebates, you can reduce the costs associated with using credit cards. If you do find yourself overspending, try using a budget and cutting down on unnecessary expenses.

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