Consolidating student loans cfnc
Having a cosigner with good credit may lower your interest rate.
You’ll also need to be in good standing on your existing student loans.
Still another might require you to be enrolled less than half time or on track to graduate by the end of the semester.
These differences underscore one of the most important things you need to know when refinancing with a private lender: Every lender’s terms are different; peruse the website’s FAQs and read every sentence of your loan paperwork before you commit.
Private lenders also offer different interest rates, and you might qualify for a significantly better rate with one than with another.
A variable rate is based on a market index such as LIBOR or the prime rate plus a margin, and it may change as often as once a month.Your interest rate will be based on how risky you appear to be as a borrower.Lenders evaluate your risk by looking at your credit score, income, debt, job history and sometimes your educational background.When you refinance your student loans with a private lender, your repayment period may be anywhere from 5 to 30 years depending on your lender, your credit score and the amount you’re consolidating.Unlike federal student loan consolidation, private student loan consolidation may entail application, origination and/or prepayment fees.