Consolidating school loan debt
In short, when you refinance your student loans, your new lender will pay off your old loans and issue you a new one.Your new loan typically has a lower interest rate, saving you money, or a lower monthly payment, making repayment more manageable.In America, student debt is the second largest form of consumer debt.Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.Should they be unable to make the payments the option of filing for bankruptcy or filing a consumer proposal is not available unless you have been out of school for over 7 years.
To answer them, let’s start by emphasizing the fact that student loans are one of the more difficult types of debt to deal with, for a number of reasons.
– These are the most often asked questions by people with significant student loan debt.
Students may not have the life experience to real understand how credit operates and often do not consider a plan for repayment.
Both federal and private loans are eligible for refinancing and consolidation through Citizens Bank.
And the company even offers an interest rate discount if you choose to make your payments via auto-pay, as reflected in the rates above.
Each lender has different average savings amounts, discounts, and fees.