The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.Finding the right bank to refinance or consolidate your student loans is confusing.Unless indicated otherwise, values shown are over the lifetime of the loan.See each lender's website with more details on how this figure is calculated.You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.After 180 days, you will need to apply for a new Direct Consolidation Loan.However, the interest rate is fixed for the life of the loan.Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.
Variable-rate student loans have interest rates that can change during the repayment period.
If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.
Disclosure: Student Loan Hero is a free website to help student loan borrowers.
When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).
If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!