Consolidating private loans without a cosigner

22-Oct-2016 18:59

Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.We’ve created this guide to help borrowers better understand the emerging student loan refinancing and consolidation industry.But, regardless of my opinion, refinancing is used for a variety of purposes.In some cases, it leads to a lower monthly payment.​ By now you should know the basics behind student loan consolidation and refinancing.Now, we would like to present unbiased descriptions of the eleven major student loan consolidation companies.

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Your new loan typically has a lower interest rate, saving you money, or a lower monthly payment, making repayment more manageable.Recent college graduates may not have long enough of a credit history to qualify without a cosigner.Even if the borrower can qualify for a private refinance loan without a cosigner, adding a cosigner may yield a lower interest rate.While I think refinancing is overused, in the case of student loans it is becoming more of a need for consumers, particularly those with private student loans.

We’ve said this countless times, but we’ll say it again: federal loans are great for the consumer.Before taking out a private student loan, or if you have one already, it's important to clearly understand all aspects of the loan and its repayment requirements.