Consoildating private education loans

A layoff, a serious illness or maybe you decide to go back to school and your reduced income makes it hard to keep paying back your existing loans.

A co-signer is legally responsible for making loan payments if you fall behind.A low variable rate today may not stay low over a 10-year repayment.A higher interest rate will increase your monthly payment.Moreover, if a borrower dies before paying off a federal student loan, the government does not require that the estate or heirs continue paying back the debt.Banks, credit unions and online lenders also offer student loan consolidation.Checking your credit reports and credit scores before you apply for a private student loan will help you size up whether you will be a strong candidate for private student loan consolidation.

You must have an account to comment. Please register or login here!