Consolidating private student loans with federal student loans
Speak to a Citizens Bank Education Finance Specialist to decide if private student loan consolidation is right for you, or to learn more about how to consolidate your student loans.We can explain more about the flexible terms, variety of repayment options and competitive interest rates of the Education Finance Loan.Student loan consolidation allows borrowers to combine multiple loans into a single, new loan with a new interest rate, repayment options and terms.It's important to keep in mind that there are distinct federal and private options for consolidating student loans.Many borrowers will refinance and consolidate their student loans in order to get a lower interest rate.If you took out student loans each year of college, it's likely that some rates are higher than others.
Consolidating your loans could allow you to receive a new, more competitive rate, reducing the overall amount you'll pay in interest.
Unlike federal consolidation, the Education Refinance Loan bases the new interest rate off market conditions as well as your creditworthiness, potentially providing a rate lower than your existing loans.
Keep in mind if you refinance your federal loans with a private lender, you will no longer be eligible for current and future federal benefits such as eligibility for loan forgiveness programs.
Before consolidating student loans, it's important to know what benefits you will receive from consolidation.
If your credit score or financial situation hasn't changed much since you first applied for loans, you may not see much of a difference in your quoted rates.
Search for consolidating private student loans with federal student loans:
Other borrowers consolidate their loans to streamline their student loan payments into one monthly payment and eliminate the hassle of keeping track of multiple student loans.