Consolidated loan reconsolidating student
When you consolidate student loans through private lenders, you essentially are refinancing your loans.
Combining several student loans, whether federal or private, only makes sense if you are going to receive a better interest rate and payment terms.
The market for consolidating and refinancing student loan debt has exploded over the last five years.
So Fi and Lend Key have jumped to the front of the line among newcomers who are becoming big players in a business that traditionally was dominated by banks and credit unions.
So Fi will put a hold on payments for three month stretches (up to a total of 12 months) and even help you go through the job hunting process.
Interest does accumulate on the loan while you’re looking for a new job, but no payments are expected. Though the minimum credit score to apply is 660, the typical So Fi customer has a credit score above 700.
These are private loans where credit score and other conditions are weighed in. All federal and private student loans are installment loans and considered good debt because it represents an investment in your future.Consolidation makes your student loans more manageable and easier to track by combining payments into one lower monthly bill.This will decrease the chances of accidentally missing a payment, and the lower payment will help you budget month-to-month.If you submit it without signing, the application can’t be processed.There are no fees associated with the Direct Consolidation Loan process. Before you commit, however, compare the Direct Student Loan Consolidation with the consolidation and refinancing programs available in the private sector.