Consolidating private student loans while school
Deferment is likely one of the perks you want to preserve through your refinance unless your loan payment amounts will be so small that you can easily manage them on your stipend. First and foremost, you should only consider refinancing your student loans if another lender will give you a better deal than the one you currently have. The latter would almost certainly result in you paying more in interest on your loans both because of the presumably higher interest rate and the extended repayment term. There are, however, a few restrictions on consolidating a consolidation loan.
Lenders base payments upon the monthly income and employment status of the borrower, the amount borrowed and other factors. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same. Not all borrowers receive the lowest rate.
Who Can Consolidate Both student and parent borrowers can consolidate their education loans. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan. In some cases, borrowers may consolidate federal loans that have slipped into default, but this depends on many factors. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
You should also consider your total number of lenders, and should take stock of the other monthly financial responsibilities you face. One of the most talked-about topics within personal finance in the last couple years is student loan refinancing. Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. Connect on Twitter with GradFinances. However, private loan consolidation can be obtained.
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