Will consolidating student loans

Student loan consolidation isn’t for everyone, though.

If the term of the loan is simply extended, it could end up costing you more over time.

It is no secret that private student loan lenders have strict underwriting criteria.

By lending you money, private lenders are putting their own capital at risk (not the federal government's money).

You should apply to multiple lenders to maximize your chances for approval.Some private student loan lenders will refinance your student loans while in school or residency, while others will require some work experience.How Much Money Can You Save With Student Loan Refinancing?They may also be stripped of the benefits of federal loans such as interest subsidies on deferred loans. Most student loan borrowers can consolidate only once, so if you consolidate at 6 percent interest and rates drop later, you cannot get a new rate.In certain circumstances, such as going back to school and taking on new loans, you might be able to consolidate again.

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As such, private student loan companies lend to borrowers who they believe will repay their student loans.

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