Consolidating student loans information
These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.
Finally, if you have a solid job and a solid credit score, think about looking into a personal loan at a bank or credit union.You might not be able to score a deal for the entire amount, but if you can get a fixed-rate personal loan to pay off some of the variable-rate student loan debt, that will offer you more stability.Ask Suze a question or get another answer Please note: This is general information and is not intended to be legal advice.You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action.Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.
offer benefits and protections that do not transfer to private lenders.
Take a look at the chart below to compare the benefits of loan rehabilitation versus the benefits of loan consolidation.
*NOTE: We previously indicated that loan consolidation would result in removal of the record of default from a borrower’s credit history.
Late payments will remain on your credit report for seven years from when they were first reported.
It’s important that you fully understand loan rehabilitation and loan consolidation before making your decision.
And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a through the refinancing process won’t make sense for every borrower, but it provides great benefits for some.