Find out more about the choices debt consolidation offers.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
Below we've ranked the leading student loan refinancing companies. When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
(There are no prepayment penalties for student consolidation loans.) If you have only a couple more years or a few thousand more dollars to go till you pay off your student loans, consolidation is probably more hassle than it’s worth.You will find all of the necessary information below.Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and ,000 in yearly gross income.We recommend the lenders above because we thoroughly evaluated them.But if interest rates are low you can lock in long-term savings, since less of your money will go to interest.You may also have access to a new repayment schedule (like an income-contingent plan) that’s a little easier on your wallet.Timing is everything: You’ll need to complete all the paperwork and have it processed and approved before repayment begins.