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Figuring out how to pay for both college tuition and student loans is a problem plenty of undergraduates and graduates are struggling with, especially in this difficult economy, where less and less businesses are providing employment opportunities to recent graduates.
General terminology used to describe the combination of multiple debts owed to credit card lenders into one (typically) smaller and easier to manage payment amount.
It is often assumed that getting a consolidation loan is required to consolidate debt, however, there are multiple methods of accomplishing this goal.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.
Requires a good credit rating, but rewards you with great fixed rates on a personal loan in an amount up to ,000 with no prepayment penalties or other hidden fees. Services available: Peer-to-Peer Lending and Personal Loans.
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Check out the Consolidation Loan FAQ or see the Learn More menu at the top of this page to find additional information on the topics of Eligibility, Interest Rates, Benefits and Repayment Options.But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt.Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.