Consolidating a private student loan

By refinancing federal student loans into a private loan, this can cause the loss of eligibility for deferment, forbearance, forgiveness, and cancellation options, as well as eligibility for affordable repayment plans based on income, which may be available under the federal loans.

The variable interest rate example assumes the rate of 1-Month LIBOR plus a margin based on a FICO score, which will fluctuate over the term of your loan with changes in the LIBOR rate.Navigating the private student loan process can be difficult. What's the Loan Process for a Private Student Loan?To begin, lenders will require the student and cosigner, if applicable, to complete a loan application.After the application is submitted, the lender will review a credit report for all applicants.Private student loan consolidation or “refinancing” involves repaying older student loans by taking out a new loan from a private lender to replace them.Here's how it works: a private consolidation loan is a single, new loan issued by the bank or credit union that pays off all (or some) of your existing private loans.

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