Consolidating school loans tips
Citizens does not charge any fees for extra payments (or even for paying off your loan entirely!) Interest rate discounts: Citizens offers interest rate discounts of up to 0.5% to borrowers fulfilling specific criteria.Some newer lenders allow you to, for example, choose your exact loan term and monthly payment amount or donate money to a nonprofit.Citizens Bank has instead chosen to offer the standard term options available from most refinancing lenders College Ave helps borrowers refinance existing federal or private student loans, or borrow a new private student loan to cover their college costs.In that case, a seven-year term could bring a more manageable monthly payment, while still ensuring you pay off your loans in under 10 years.
Borrowers must: Lower monthly payments: MEFA strives to offer borrowers lower monthly payments than they would get with other lenders.The average MEFA borrower pays 1 less per month than before they refinanced.MEFA also has no maximum loan balance, so you can refinance your total loan balance with MEFA as long as you meet their eligibility requirements Refinance without graduating: MEFA’s eligibility requirements do not include having completed a degree, so if you haven’t graduated but you still need help refinancing your loans, MEFA could be the lender for you Limited borrower benefits: MEFA might offer you lower monthly payments, but it doesn’t offer options such as deferment, forbearance, or co-signer release.However, you have to be a Massachusetts resident or attend a college in the state, if you want to take out a new loan with MEFA.
MEFA loans have a number of limitations as compared to other lenders, such as limited loan term options, and a lack of benefits such as deferment or forbearance options.And College Ave will even reward borrowers who opt for auto pay with a 0.25% discount on their interest rate Fee free: College Ave doesn’t charge any origination fees, pre-payment fees, or fees for paying more than the minimum amount due each month, which is great news for those who are able and want to pay off their loans faster High interest rates: While College Ave provides very competitive interest rates for creditworthy borrowers, even lower rates may be available to borrowers through other lenders.Comparing prequalified rates from College Ave and other lenders can help you find the absolute lowest rate available In August 2016 Relia Max, a platform and service provider for student loans, introduced Connext, its private student loan solution, which aims to help students find lenders to refinance their student loans or issue them new undergraduate or graduate student loans.Applying with a co-signer can help you increase your chance of qualifying for refinancing, and could also help you get a better interest rate than you would get if you applied by yourself.