Direct Consolidation Loans have fixed interest rates.
When you consolidate your federal student loans, the interest rate on your new consolidation loan will be roughly the same as the combined rates on your current loans.
But cosigning a loan is a big responsibility — i Help offers borrowers the option to release their cosigners from obligation after two years.
The primary borrower must also meet certain credit requirements before cosigner release can be granted, including a minimum income and credit score, and a maximum debt-to-income ratio Multiple repayment options: i Help borrowers can request interest-only payments for up to 24 months.
If you have stopped attending school and do not plan to complete your degree, you are eligible to apply for refinancing through Citizens after making twelve full, on-time payments Forbearance options: Citizens borrowers who meet the eligibility requirements and are struggling to make their monthly payments can opt for up to twelve months of forbearance (which essentially puts your payments on hold for a set number of months) Pay off your loans early with pre-payment: Got extra money to pay down your loans sooner?
The interest rates on Direct Consolidation Loans are based on this calculation: The weighted average of the interest rates of the federal student loans being consolidated, rounded up to the nearest 1/8th of one percent. The following example shows how the calculation is made.For instance, a three year term might mean your monthly payments are too high, but a 10 year term would extend your repayment period for too long, bringing up your interest.In that case, a seven-year term could bring a more manageable monthly payment, while still ensuring you pay off your loans in under 10 years.) Interest rate discounts: Citizens offers interest rate discounts of up to 0.5% to borrowers fulfilling specific criteria.Borrowers who have a pre-existing Citizens Bank account when they apply (co-signers’ accounts also qualify) can earn a 0.25% ‘Loyalty Discount’, and those who set up auto-pay get a 0.25% interest rate reduction You can’t refinance while you’re still in school: While you don’t need a degree in order to refinance with Citizens, you cannot do so if you’re still in school.Comparing prequalified rates from College Ave and other lenders can help you find the absolute lowest rate available In August 2016 Relia Max, a platform and service provider for student loans, introduced Connext, its private student loan solution, which aims to help students find lenders to refinance their student loans or issue them new undergraduate or graduate student loans.However, what sets Connext apart from other lenders is that it helps connect students with smaller regional banks and alternative lenders.This gives borrowers the option to tailor their loan and choose the term that’s right for their individual financial situation A lender that gives back to the community: Unlike for-profit banks, proceeds from the EDvestin U Loan Programs go right into supporting local New Hampshire public high schools Refinance before you graduate: Edvestin U is one of the few lenders out there that lets borrowers refinance their loans before they have graduated.Edvestin U does not require borrowers to have obtained any minimum level of degree in order to qualify to refinance their loans Autopay discount: Borrowers can get a 0.25% discount when they set up autopay Option to make pre-payments: Edvestin U charges no fees or penalties for prepaying your loan Edvestin U requires a strict minimum income: Borrowers must meet certain minimum income requirements in order to qualify to refinance their loans with EDvestin U.Citizens Bank has instead chosen to offer the standard term options available from most refinancing lenders College Ave helps borrowers refinance existing federal or private student loans, or borrow a new private student loan to cover their college costs.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.