Advice on consolidating student loans


29-Dec-2017 22:03

advice on consolidating student loans-77

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Student loan consolidation is the process of unifying several loans with different rates and terms into a single loan with a single payment.

The blended interest rate is determined by calculating the weighted average interest rate of the original loans (meaning higher balance loans have greater impact).

We’ve put together a library of essential resources (like how-to guides, comparisons, and calculators) to help you make better choices when it comes to refinancing student loans. Browse Resource Library When you refinance student loans, you get credit for the positive changes to your financial profile since you originally took out the loans.

A student loan refinance is a good choice for people who have seen advances in their income, career, or credit score since they were in school.

Each time my response was received complete and timely. I was in the trenches for quite some time before I came across Earnest.

I love, love, LOVE that Earnest has biweekly payment options so that I can align payments with my paydays! A few of the other bigger named consolidation service providers wouldn't work with me since my smaller named college wasn't in their databases.

I had been trying to consolidate my federal and private loans for years, at least 8 to be exact, and until I found Earnest it was impossible to do so.

Many refinancers didn't want to consolidate federal and private, many others had a much longer application process and their interest rates did not come close to what Earnest could offer me.

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I started the process to refinance with another company when the folks at Earnest reached out to see if they could modify my loan to similar rates. My previous student loan company (Navient) clearly did not care about me or my repayment goals. I was able to get updates via chat whenever I needed one, and overall the experience is great. They do this by examining an applicant's holistic financial picture, rather than focusing on factor (like credit score).

Moreover, the application process wasn't entirely friendly.