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Posted by / 07-Apr-2017 15:48

Reconsolidating a student loan

Definition: To refinance private student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.

To qualify, you must have a strong credit profile and employment history, or proof of income.

Disclosure: Student Loan Hero is a free website to help student loan borrowers.

We only evaluate lenders and do not issue student loans.

For anyone who may have multiple Federal Student Loans, consolidation can be the answer if making multiple monthly payments has become a financial hardship and does not want to default on their responsibilities.

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Definition: To refinance private student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.To qualify, you must have a strong credit profile and employment history, or proof of income.Disclosure: Student Loan Hero is a free website to help student loan borrowers.We only evaluate lenders and do not issue student loans.For anyone who may have multiple Federal Student Loans, consolidation can be the answer if making multiple monthly payments has become a financial hardship and does not want to default on their responsibilities.At just over $1 Trillion, student loan debt grew larger than credit card debt in 2012 and continues to climb.The Direct Consolidation Loan program is for federal student loans only.This free program combines the balances of your existing federal student loans into new, single loan with an interest rate based on the weighted average of the loans you want to consolidate. This article on Direct Consolidation Loan goes into greater detail.) With this program, you retain all of the benefits and protections that are part of the federal student loan program.

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Definition: To refinance private student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.

To qualify, you must have a strong credit profile and employment history, or proof of income.

Disclosure: Student Loan Hero is a free website to help student loan borrowers.

We only evaluate lenders and do not issue student loans.

For anyone who may have multiple Federal Student Loans, consolidation can be the answer if making multiple monthly payments has become a financial hardship and does not want to default on their responsibilities.

At just over $1 Trillion, student loan debt grew larger than credit card debt in 2012 and continues to climb.

Trillion, student loan debt grew larger than credit card debt in 2012 and continues to climb.

What this means is that if you qualify for a zero payment for example, all that interest that you are not paying for three years is not capitalized.

We’ll walk you through some of the key considerations as you decide whether refinancing or consolidating is right for you (there are even situations where you might want to do a mix of both).

We can also help connect you with lenders who participate in refinance and consolidation programs that offer the terms and benefits you may be looking for, and get the process started for both federal and private student loans.

(If you’re already well-versed in your consolidation options, but are looking for information on newer programs such as a Home Equity Line of Credit (HELOC) Refi, we’ve got that covered as well.) Student loan refinancing allows you to modify either one or multiple student loans with new terms, including a lower interest rate.

You can combine both federal and private student loans, should you choose to do so. In contrast, student loan consolidation typically refers to the federal program known as the Direct Consolidation Loan; although sometimes people use the term ‘consolidation’ to simply describe the merging of many loans into one.

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Student loan consolidation programs are unique because they offer certain benefits that only come with student loans.