Cam date stranger - Consolidating credit lines

However, the interest rate on your new, consolidated loan is not a weighted average of your old loans’ rates.Instead, a private lender will look at your track record of handling debt and other financial information to give you a new (ideally lower) interest rate on your consolidation loan.The ability to switch out older, variable rate federal loans for one fixed rate loan, which could protect you from having to pay higher rates in the future if interest rates go up.

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This is a somewhat complicated question, especially since these terms are sometimes used interchangeably. Federal loan consolidation Federal loan consolidation is offered by the government and is available for most types of federal loans—no private loans allowed.

For example, consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans. When you consolidate with the government, your existing federal loans are combined into one new loan with a new rate, which is a weighted average of your old loans’ rates.

It doesn’t matter if it’s a leaky roof or a new addition, Premier Loans could be a good option for home improvements and remodeling.

If you lack equity in your home, don’t qualify for a home equity loan/line or don’t want a property appraisal, a Premier Loan may be right for you.

If your financial situation has improved since you first signed on the dotted line, you may be able to refinance student loans at a lower interest rate, which can allow you to:1. Unlike consolidation, student loan refinancing is only available from private lenders.

And while most private lenders will only refinance private loans, a few, including So Fi, will refinance both private and federal student loans, so you can consolidate all of your loans into one.

Whether you are ready for a new car, the pleasure a new boat can bring, that dream vacation you've always wanted or consolidating your existing debt into a more manageable monthly payment, we can help make your dreams and plans a reality.

Our lending specialists will provide you with personalized service and fast local decisions on your loan application. All loans subject to credit and collateral approval. Please consult your tax advisor for additional information regarding the eligibility of your home equity line as a tax deductible item.

That’s what our Student Loan Smarts series is all about—helping you understand all of your options so you can make decisions that fit with your financial goals. Choosing to consolidate or refinance student loans.

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