Consolidated loan reconsolidating student
Refinancing student loan debt with a private lender requires an application, which allows the lender to review a borrower’s credit history and score.Submitting many applications for refinancing might negatively impact one’s score, as credit reports are pulled with each application submitted.
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Keeping some federal loans, ideally those with the lowest interest rates, and consolidating instead of refinancing may be beneficial in maintaining some flexibility for future payments.
Similarly, refinancing only a portion of student loan debt, like those loans with the highest interest rates, is often a smart choice for borrowers who want to reduce the cost of some of their loans.
It is incredibly important for borrowers to consider these features before financing consolidated federal student loans.
While consolidating and refinancing are both methods to cut your monthly student loan payment, borrowers do not have to take an all-or-nothing approach.