Reconsolidating a student loan

More than 44 million borrowers owe

More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017.Most of them could streamline the repayment process by consolidating their student loans. Get Financial Help Now It simplifies repayment and could save you money.For example, instead of making multiple payments to multiple lenders at various times of the month, you simplify the equation by making a single monthly payment.

More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017.

Most of them could streamline the repayment process by consolidating their student loans. Get Financial Help Now It simplifies repayment and could save you money.

For example, instead of making multiple payments to multiple lenders at various times of the month, you simplify the equation by making a single monthly payment.

Learn more about private student loans Private student loans are granted and managed by lending institutions – banks, credit unions, college foundations – and typically charge a higher fixed or variable-interest rate than federally funded loan programs.

When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.

Private student loans are credit-based, meaning student borrowers with high credit scores will pay lower interest rates than those with low scores because banks assess the risk of each borrower.

Learn more about federal student loans All students are eligible for federal loans, regardless of financial need.

So, the interest rate on a consolidation loan may be higher than the underlying loans.

However, the interest rate is fixed for the life of the loan.