Longer terms will typically result in lower monthly payments but at a higher interest rate.
Borrowers may select any term offered by a lender regardless of the current loan term.
With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!
When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).
If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments.
Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower's principal balance.
In general, the shorter the term, the lower the interest rate and the higher the monthly payments.Loans currently in default are generally not eligible for refinancing.This is the lowest credit score a lender will consider when determining borrower eligibility.Learn more A "soft" credit check allows a lender to check the applicant's credit and provide the applicant with an estimated interest rate without affecting their credit score.This is unlike a "hard" credit check, which may impact an applicant's credit.