Best consolidating student loans

Posted by / 13-Sep-2017 02:59

Should I refinance my student loans with fixed or variable interest rates? How do I consolidate or refinance my student loans? How much can I save by refinancing my student loans?Student loan refinancing: Refinancing is when a student loan lender buys out your existing loans, and gives you a single new loan with a potentially lower interest rate.Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.

In America, student debt is the second largest form of consumer debt.You can only consolidate federal, not private, student loans through this program.(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.So if you feel like your interest rate is too high, refinancing could help.This process will also combine all the loans you refinance into one convenient payment.

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Founded in 2011 and headquartered in San Francisco, So Fi is an award-winning marketplace lender offering fixed- and variable-rate student-loan refinancing.