What is the difference between consolidating and refinancing

09-Jul-2017 02:54

Private loans can be refinanced any time, including while you’re still in school Possibly.

Consolidation won’t remove the default from your credit record, but a Direct Consolidation Loan can help you get most federal loans back on track.

Private loans that are in deferment or forbearance might be eligible for consolidation through refinancing, but private loans that are in default are not.

If you have missed payments on your private loans, you should contact your lender or servicer as soon as possible to discuss repayment options.

Studies show that about 70% of college grads have student debt in their name.

If you fall into this majority, you are probably already counting down the days until you are student-debt free.

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Not all student loans can be consolidated, but refinancing offers similar benefits for people whose loans don’t qualify. When people go to a private bank to bundle multiple loans into a single payment, it’s called refinancing. Older versions may limit your ability to access some of this site's functionality. Learn More Download the newest version of Microsoft Internet Explorer #Product Line=Edfi|Brand=citizensbank|Product Set=erl Product Set|product Name=ERL|rate Type=Variable|repayment Type=Immediate|loan Type=Undergraduate|term=5|based On=50,000|Product Attribute=loan Options::repayment Example::min:: APR# The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint.