Source: U.S. News & World Report
If you’re saddled with student loan debt and worried about making payments on your federal loans during the coronavirus pandemic, you can breathe a sigh of relief. A coronavirus aid bill passed in March pauses payments on federal loans and sets interest rates at 0% from March 13 through Sept. 30, 2020. Private lenders may offer their own special relief programs, or you can refinance your private student loans to save money.
Whether you have federal, private or both types of student loans, consolidating or refinancing them might help you reduce your debt, better manage payments and work toward other financial goals. Too much student loan debt can affect your ability to save for retirement, increase disposable income or qualify for other loans, such as a mortgage. This guide explains the differences between refinancing private student loans and consolidating federal student loans, the pros and cons of each, and the best options for different situations.
Methodology: National student loan refinance companies in this guide are selected based on consumer ratings and availability of products.
No private student loan refinancer is perfect for every borrower. These lenders are a good starting point for most people, but you should research each company on your own.
Read the full report here.