Consolidating private loans without a cosigner
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.
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.