Re consolidating consolidated student loan
However, if you have a steady income, have made payments on student loan and other debts, or want to switch from a fixed to variable rate, consolidation may be beneficial for you.
If your primary objective is simplifying monthly payments, consolidation could be a beneficial means to do so even if your financial situation hasn't changed enough for you to qualify for lower rates.
There are a few qualifications to meet before you can apply to consolidate student loans at Citizens Bank.
Consolidating your federal loans through the government will have different borrower requirements.
Other borrowers consolidate their loans to streamline their student loan payments into one monthly payment and eliminate the hassle of keeping track of multiple student loans.
When you consolidate your loans, you have only one due date to remember as opposed to several, making it easier to manage your finances.
As a borrower, you might have questions about how the consolidation process works.
Review the following questions and find what you need to know about consolidating student loans.
Department of Education, a federal Direct Consolidation Loan can help you streamline your federal loan payments.Managing multiple due dates and lenders can seem complicated; however, many graduates consolidate and refinance their student loans in order to simplify monthly payments and potentially qualify for better rates.If you're wondering what you need to know about consolidating student loans, find answers to the questions you have before consolidating in this guide from Citizens Bank.If you have more than one federal student loan, you may be eligible to consolidate these loans into one Direct Consolidation Loan.You cannot, however, consolidate your private student loans into a Direct Consolidation Loan.When you consolidate through the federal government program, you can only consolidate federal loans into a new loan with a fixed interest rate, which is determined by averaging your current rates.When you consolidate privately with the Education Refinance Loan from Citizens Bank, you can consolidate both federal and private student loans into a new loan with your choice of either a variable or fixed rate.Many borrowers will refinance and consolidate their student loans in order to get a lower interest rate.If you took out student loans each year of college, it's likely that some rates are higher than others.After consolidating his or her loans, a borrower will have just one monthly payment and just one loan balance to maintain.Many students will get federal loans for each year in school and will graduate with more than one loan to repay.