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How To Consolidate Or Refinance Navient Student Loans
How to Consolidate or Refinance Navient Student Loans
Student loan has reached $1.5 trillion in the U.S. based on recent statistical data, Forbes says. The numbers show that student loan debt now ranks second in the consumer debt category, second to mortgage debt, but higher on the ladder than credit card debt and auto loans.
If you have student debt and you’ve chosen Navient to handle the loan, but now find it tough to make ends meet, then aNavient student loan consolidation plan or refinancing solution may be the right option for you. Know the pros and cons of choosing either one by reading through the following.
What is loan consolidation?
When you consolidate your loans, you combine all your loans into one. If you are having trouble keeping up with the payments or you just find yourself sinking deeper in debt, then consolidating your loan can be the right move. Doing so will allow you to take advantage of other benefits, like the Navient student loan forgiveness program, the College Investor says. However, you won’t be able to get a new interest rate. That’s because the rate will depend on the weighted average of the rates of your current debt. The resulting figure will be rounded up to the nearest one-eighth of a percentage point. That's how a student loan consolidation in Florida works.
What is refinancing?
When you refinance a loan with Navient, you will need to look for a private lender. You can go with this option if you want to refinance a federal or private student loan or deal with a combination of both. There are two things you need to remember with this arrangement, though. First, you need to get one big loan to repay current debt loads. Second, when you look for a new loan, make sure you review the terms and conditions. Pick one that offers you more favorable repayment terms. Does it comewith a lower interest rate? What about lower monthly payments? Sort that out.
How do you choose an option?
Whether you want to go for a Credit card relief companies and take advantage of the Navient student loan forgiveness program or think about refinancing the loan, assess your financial situation first. Which option will be best for you in the long-term? Which one can help you lighten up your money worries as soon as possible? You’ll want to consider these things before you arrive at a decision.
How do you find help?
If you choose to consolidate your loan, then you won’t need to worry about getting a big loan to cover and pay off your existing one. If you want to eliminate that step, then start looking for firms that offer student loan consolidation in Florida. Talk to them about your options. Are you eligible for a loan? What are the requirements? What can you expect? How long will the length of the term last? Set up that appointment as soon as possible. The sooner you start the process, the sooner you can resolve your financial problems.
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