Help on consolidating student loans
Once you’ve decided that student loan refinancing is right for you, it’s time to make another tough decision: which servicer do you go through?
There are a lot of different companies that specialize in student loan refinancing, so how do you know which one works best for your loans?
When you sell your loans to the private lenders, you also give up the federal programs that go along with them.
This makes it harder to pause your loan payments and causes you to lose your eligibility for income-driven plans.
You will also be able to apply for Income-Driven Repayment, which you cannot get from most private lenders.
Keep in mind, the interest rate from these consolidated loans is weighted.
Through the Direct Consolidation Loan program, you can combine your loans (depending on the type) into one loan.
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Student loan refinancing is a similar concept to student loan consolidation except that it is done through a private lender.
This is a better decision for borrowers who are generating more income than when they started college.
The total amount of student loan debt in America rises by 3000 dollars every second.
Many former college students are uninformed about how to or are unable to pay back their debt.