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Refinance student loan consolidating student loan

refinance student loan consolidating student loan-58

If you’re tired of making sky-high interest rate payments on your student loans, refinancing may be a good option for you.

Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan.The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income.The borrower and any cosigner share responsibility for ensuring that the loan is repaid.In the event of the death or total and permanent disability of the borrower, the loan can be forgiven and the cosigner won’t be responsible for repayment.Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.

Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).

Variable interest rates are based on an Index, plus a margin.

The APR for a variable rate loan may increase during the life of the loan if the index increases.

To qualify, you need credit in the mid-600s or higher and a steady income, or access to a co-signer.

Student loan refinancing is not the same as federal consolidation. The best refinance lender for you depends on your priorities.

Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.