What is the difference between consolidating and refinancing lesbisan girls dating site canada

25-Oct-2019 12:16

Consider refinancing if you have: Refinancing federal student loans into a private loan means losing consumer protections specific to federal loans.Those include the option to tie payments to income and opportunities for loan forgiveness.The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.Use a consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.

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The government offers plans that cut payments to 10% or 15% of “discretionary” income and offer forgiveness on the remaining balance after 20 or 25 years. If you have a large loan balance and a low income, income-driven repayment is probably your best option for the lowest monthly bill.Of course, the answer depends on your specific situation and is not always clear cut.