Consolidating private student loans 2016

Over the last couple years student loan refinancing and consolidation has become a hot topic in the United States.As it sounds, refinancing allows undergraduate and graduate borrowers to refinance student loans at a potentially lower interest rate.But private student loans are best used when you’ve exhausted other forms of financial aid, such as grants, scholarships and work-study options The best private student loans offer low APRs and fair repayment terms as well as tools to help students calculate their payments.Some offer career counseling and unemployment protection.

Refinancing to lower rates can save some borrowers upwards of ,000 over the life of their loan!You can also find useful information in our articles about student loans.College costs continue to rise, and they extend beyond tuition to include paying for textbooks; other supplies, such as laptops or tablets; room and board; and other living expenses.With an average balance of ,400, student debt is a big part of the average college graduate's life.That being said, not all student loans are created equal.We start by discussing the basics of student loan consolidation and refinancing, and comparing the benefits and drawbacks of federal and private consolidation loans.We then detail a step-by-step guide to using and choosing consolidation loans.Private student loans are meant to supplement federal loans and help pay for living expenses, tuition and books.These loans bridge the gap between what you receive from the government and what you actually need to go to school.Interest rates on student loans usually vary by loan type, rate type, and credit worthiness.If you find yourself paying 4% to 10% in interest each year, you are paying too much.

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