While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.For example, borrowers with federal student loans can take advantage of federal income-driven repayment programs, or benefits like loan forgiveness, which borrowers with private student loans typically don’t have access to.Finding the right bank to refinance or consolidate your student loans is confusing.Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.
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).
When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
With an average balance of ,400, student debt is a big part of the average college graduate's life.
At Lend EDU, we help borrowers compare the top student loan companies in one place.
If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.