You will have a single monthly payment for your new private consolidation loan, which may be simpler.Private student lenders may offer an interest rate reduction for creditworthy borrowers seeking to consolidate their private student loans.This can save you money over the lifetime of your loan.
The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
The amount of time you have to repay the loan can vary from 10 to 25 years depending on the lender and the amount of the loans being consolidated. The CFPB does not endorse the third-party or guarantee the accuracy of this third-party information.
Read the fine print – your consolidated loan may not have the same terms as your original loans. There may be other resources that also serve your needs.
When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.