Consolidating student loans credit score
However, if you have a steady income, have made payments on student loan and other debts, or want to switch from a fixed to variable rate, consolidation may be beneficial for you.If your primary objective is simplifying monthly payments, consolidation could be a beneficial means to do so even if your financial situation hasn't changed enough for you to qualify for lower rates.The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.You’ve got several options when you make the decision to eliminate debt.By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination.
To see if you may benefit from consolidation, use our Student Loan Refinance Estimator to discover what your new rate and term options may be.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
Before consolidating student loans, it's important to know what benefits you will receive from consolidation.
If your credit score or financial situation hasn't changed much since you first applied for loans, you may not see much of a difference in your quoted rates.