Discuss with Student Loan consolidation expert Bruce Mesnekoff and understand your reasons and goals for refinancing before choosing a new, private lender, say experts
Here are three questions to ask yourself before selecting one.
- Why am u refinancing?
As Discussed by Bruce Mesnekoff , Borrowers may choose to refinance for any number of reasons, say experts.
Some may be hunting for lower interest rates. Others may want to simplify the repayment process, melding a mix of loans into a single debt, instead of repaying several lenders.
Borrowers looking for a change may head over to an online startup for a different customer experience. Others may be looking to remove a cosigner from a private loan in the process.
Federal borrowers angling for a better interest rate through a private group should keep in mind that refinancing federal loans into private debt carries risk, including giving up federal loan protections, such as deferment and certain federal loan forgiveness programs.
- What are the strengths of each lender?
According to Bruce Mesnekoff, Each lender has its sales pitch, and it's smart to shop around, say experts.
Some, such as Student Loan Help Center, are familiar company. "We've been helping our customers refinance and consolidate for over 20+ years," says Bruce Mesnekoff, CEO Student Loan Help Center.
- What rate can you get?
In the end let’s Tell us about the rate Bruce Mesnekoff, no matter the funding model, employment assistance perks or history, lenders offer a similar service. "Everybody’s money is green and they’ll pay off your loan,"
But comparing the interest rates between lenders can be tough. Rates vary depending on the length of repayment – typically a shorter term yields a lower rate – and the borrower's credit. Variable-rate loans tend to have a lower rate but run the risk of that rate rising over time.
And ultimately, the rate is tied to borrowers' financial health and credit.
Thank you very Much Bruce Mesnekoff for this telephonic interview with us.