Consolidating loan private school

02-Nov-2019 18:06

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Variable interest rates will fluctuate over the life of the loan with the market while fixed rates remain the same.

This change in interest rate and payment period carries the potential to save money for the beneficiary.

This means if you refinance federal student loans they will become a new private student loan.

When you refinance student loans, you will receive a new variable or fixed interest rate and new repayment terms which may be longer or shorter than your current plan.

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When you consolidate your federal loans, your new interest rate will be a weighted average of all the rates on the loans being consolidated.

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If your financial situation has improved since you took out the loan, you could see a lower interest rate which will likely save you money in interest over the life of the loan.

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If you are not offered a lower rate than what you already have, you should avoid refinancing as you will probably end up paying more in the long term.If you don’t think you will need any financial hardship help in the future, such as deferment and forbearance options, then refinancing and consolidating with a private lender might be a good option.