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Consolidating private student loans through government, student loan refinancing basics

The Education Refinance Loan was created to help students and graduates better manage their student loan payments. There may be additional fees charged for originating these loans. You can also try talking to the current holder of your loans, to see if they'll reduce the interest rate on your loans rather than lose your loans to another lender. Citizen, or permanent resident alien, to qualify for consolidation through Citizens Bank. Both federal and private loans are eligible for refinancing and consolidation through Citizens Bank.

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How to Decide If You Should Refinance Student Loans

For example, you would not be charged any fees for making extra principal payments each month. For example, if you've graduated and now have a good job and have been building a good credit history, your credit score may have improved. Citizens Bank is one of the only companies that does not require you to have graduated in order to refinance.

If your credit score has increased by points or more, you may be able to get a lower interest rate by consolidating your debt with another lender. They should be consolidated separately, as the federal consolidation loans offer superior benefits and lower interest rates for consolidating federal student loans. Since most private education loans do not compete on price, spiritual connection dating site a private consolidation loan is merely replacing one or more private education loans with another. The low interest rates on federal consolidation loans are not available to private education loans.

Student loan refinancing basics

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Eligibility Requirements You must be a U. Education Lenders The following education lenders will consolidate private education loans.

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Benefits As you would guess, Citizens Bank charges no application origination, disbursement, or pre-payment fees.

These are private consolidation programs, so the interest rates are dictated by the lender, not the government. So the main benefit of such a consolidation is obtaining a single monthly payment. On-time payments are payments including both interest and principal.

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When evaluating a private consolidation loan, ask whether the interest rate is fixed or variable, whether there are any fees, and whether there are prepayment penalties. Home Equity Loans Private education loans tend to have interest rates that are in the same ballpark as home equity loans. If your private education loan has a variable interest rate, you might consider using a fixed rate home equity loan to pay off the private education loan, effectively locking in the interest rate. You should not consolidate your federal student loans together with your private education loans.

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Also, since the consolidation resets the term of the loan, this may reduce the monthly payment at a cost, of course, of increasing the total interest paid over the lifetime of the loan. And the company even offers an interest rate discount if you choose to make your payments via auto-pay, as reflected in the rates above. Nevertheless, there are several options for refinancing private education loans.