Start Consolidating credit cards student loans

Consolidating credit cards student loans

In short, the term “consolidation” is used to describe the process of combining multiple loans into a single loan while the term “refinancing” is used to describe the process of using a more advantageous loan to repay an older loan.

Many lenders also factor in a borrower’s employment stability and prospects – they may even have minimum annual income requirements.

To be eligible, borrowers must have a clean credit history and a “good” FICO credit score (“good” is 670 and above according to FICO).

Borrowers with a poor credit history may still be able to qualify if they can secure a cosigner with good credit.

We start by discussing the basics of student loan consolidation and refinancing, and comparing the benefits and drawbacks of federal and private consolidation loans.