Consolidating student loans and credit cards
Transfer Balances In addition, you may want to avoid closing old accounts after consolidation. There are distinct drawbacks and advantages to both which are outlined below. There are two ways to use a Direct Consolidation Loan in this scenario. Direct consolidation loans have access to loan forgiveness or cancellation if the borrower qualifies.
Private Consolidation Loans Repayment terms vary from lender to lender, but they are typically shorter than those offered by the government. Since the new interest rate of a Direct Consolidation Loan is the weighted average of the old loans, no money will be saved over the life of the loan. Private and federal loans can both be refinanced with a private consolidation loan. The index that most lenders base their rates on is the United States Prime Rate which is the rate banks charge each other for short-term loans. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
The bottom line is that variable interest rates rise or fall in direct proportion to the behavior of a particular index. Borrowers know ahead of time exactly how much they will pay in interest throughout the life of the loan and what their payments will be each month. In this example, there are two borrowers.
Consolidation Loans With a consolidation loan, you choose the amount you need and the repayment term that works for you. Additionally, private Lenders may offer a lower interest rate for a shorter term length. An alternative is to research options for separate consolidation products for student loans, and then for credit card debt. This section compares and contrasts the two types to help borrowers determine which is right for them.
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