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With private student loan consolidation, a private lender repays your student loans, which may include private and federal loans.
Federal student loan consolidation doesn’t involve a credit check, you may be able to lower your monthly payment and there could be other benefits, such as being eligible for more repayment plans or forgiveness programs.This guide provides an in-depth explanation of the differences between federal loan consolidation and private loan refinancing, the pros and cons of each and insight into which options are best for different situations. News compared private lenders to come up with recommendations for different kinds of borrowers.There are a variety of private lenders that offer student loan refinancing, each with different potential interest rates, loan terms and features. When you consolidate your student loans, you essentially combine multiple loans into one.Contact the servicer if you have questions about your application after submitting it. News recommends the following five top performers based on how they can address certain borrowers’ needs and their overall performance compared with other lenders.No private student loan refinancer is perfect for every borrower. Overview: Common Bond was started by three Wharton MBA graduates in 2011.
Your monthly payments will be fixed on the standard plan, or start small and slowly increase on the graduated plan.