Consolidating your federal student loans

Posted by / 27-Sep-2020 23:07

Consolidating your federal student loans

Some lenders will allow you to refinance before you graduate from school, meaning you’ll start saving on monthly payments and interest as soon as possible, but Citizens requires you to have graduated (or have stopped going to school) before you can refinance Fewer loan options than some newer lenders: Being an older, more established bank, Citizens doesn’t offer some features that some startup lenders have incorporated into their offerings.

Some newer lenders allow you to, for example, choose your exact loan term and monthly payment amount or donate money to a nonprofit.

If you’re planning to pay off your loans over a shorter period of time, you may be better off looking elsewhere MEFA (which stands for the Massachusetts Educational Financing Authority) offers student loan refinancing to borrowers, regardless of where they live or are attending school.

However, you have to be a Massachusetts resident or attend a college in the state, if you want to take out a new loan with MEFA.

College Ave offers borrowers great interest rates, as well as a variety of terms and repayment options, so each borrower can find the right fit for them.Remember, though, that no matter which lender you go with, you can always pay more than your required monthly payment and pay off your loans faster Set it and forget it: If you want to avoid the hassle of remembering to make your monthly payments, setting up auto-pay can be a great option.And College Ave will even reward borrowers who opt for auto pay with a 0.25% discount on their interest rate Fee free: College Ave doesn’t charge any origination fees, pre-payment fees, or fees for paying more than the minimum amount due each month, which is great news for those who are able and want to pay off their loans faster High interest rates: While College Ave provides very competitive interest rates for creditworthy borrowers, even lower rates may be available to borrowers through other lenders.Borrowers must: Let your cosigner off the hook: If you think that i Help is the lender for you, but you don’t meet their income or other eligibility requirements, adding a co-signer could help.Adding a creditworthy cosigner can help you qualify for offers you might not qualify for by yourself.

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) Interest rate discounts: Citizens offers interest rate discounts of up to 0.5% to borrowers fulfilling specific criteria.