Consolidating private student loans advice

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.

Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.

To do this, many or all of the products featured here are from our partners. Private consolidation is often referred to as refinancing.

These processes are often confused, but they’re very different. refinancing Private student loan consolidation, or refinancing, means replacing multiple student loans — private, federal or a combination of the two — with a single, new, private loan.

When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

Instead, what you do is call my partners at Mc Carthy Law PLC; a group of attorneys who specialize in dealing with PRIVATE Student Loans. They'll get you a new loan for the amount your lender settles on, allowing you to pay off the settled loan in its entirety, restoring your credit, and reducing your monthly payments.

This is especially true of many of the smaller, mom and pop type companies you’ve never heard of, who buy your contact information from debt collectors, then send you letters or emails promising to refinance and consolidate your loans at a low interest rate, no matter how poor your credit score might be.

What you need to realize is that if the offer sounds too good to be true, then it probably is! I’ve been helping people with private student debt for ten years now, and in all that time, I’ve only found a SINGLE company who actually helps the majority of people who go to them for assistance.

They're the only company who can significantly reduce your private debt and lower your monthly payments, no matter how much you may owe or how long you've been in default. First, they negotiate with your lender to settle your private debt for around 40% of whatever you currently owe by promising that you'll pay off the entire settled amount in a single, lump-sum payment. Mc Carthy Law is the only company I trust to help my readers with Private Student Loans, but please DO NOT CALL them if you only have Federal loans, because they won't be able to help.

To get Mc Carthy's help with your Private Student Loans, call them at 1-877-317-0455.

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Consolidation is the process that allows you to combine multiple student loans into a brand new loan, with a new interest rate, new repayment schedule and new monthly payment.

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