Consolidating student loans bbs
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Whether you owe $5,000 or $200,000, refinancing your student debt will likely save you a lot of money.If you took out a private loan and your interest rate is above 4% then you might be able to get a lower rate.
Now as you can see, keeping track of these loans might get complicated— especially if you’re making payments to different loan servicers.But if you happen to have a steady job and have built up a good credit score, you might be able to get a lower interest rate from another lender than your current private loans, so it might be worth looking into.So while loan consolidation can make your monthly payments simpler if you have multiple loans with different interest rates, you could end up paying a lot more if you extend your repayment period.Let’s look at an example of getting a federal consolidation loan— you can also get a private consolidation loan if you have private loans, but we’ll get to that in a minute.Let’s say you have fifty thousand dollars in federal loans.Now, if you have private student loans, you also have private loan consolidation options.
They work much like a federal consolidation loan, except they also take into account your credit score when determining your interest rate.Entering these numbers into the loan calculator at gov— on a standard ten-year repayment plan, you’re going to be paying a little over five hundred dollars a month.Over ten years, you’ll pay about eleven thousand dollars in interest on your original principal of fifty thousand dollars. Under your new loan terms, your loans will be consolidated into one fifty thousand dollar loan— and you’ll have one new fixed interest rate, which is determined by taking the weighted average of the interest rates on your previous loans, and rounding up to the nearest one eighth of one percent. Now, entering your loan information into a loan consolidation calculator, you’ll find that consolidating your loans gives you a new repayment period, which is figured based on the amount you owe– the more you owe, the longer this repayment period will be.Getting your master’s, going to law or medical school can easily double that amount alone.That’s not to say students are footing the bill themselves.They work directly with many lenders and help you compare real rates from each of them quickly. To make it easier to refinance I’ve put together this Student Loan Refinancing Guide to break down the process of student loan repayment. During the 2016-2017 academic year, the average cost of tuition and school fees at a private college or university rounded out to almost ,000 a year.