Consolidating college loans tips

A cosigner is someone who shares responsibility with the borrower for repaying the loan.

Discounts reduce the amount of interest you pay over the life of the loan.This can create a large burden on the couple because payments still must be made on time, which can be difficult for a spouse because it can force them to take other actions to make money that would not be necessary with federal loans and forbearance. Consolidation of loans can be a risky move for a couple because it requires changing from a federal to a private lender and removes many of the benefits a federal lender provides.Consider how your payment plan will work and how you envision your educational and financial future before making any decision on consolidation.Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).

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