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Learn more about when to consolidate and refinance federal and private loans.Finding the right bank to refinance or consolidate your student loans is confusing.Borrowers may select any term offered by a lender regardless of the current loan term.Learn more A "soft" credit check allows a lender to check the applicant's credit and provide the applicant with an estimated interest rate without affecting their credit score.Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!This is unlike a "hard" credit check, which may impact an applicant's credit.
If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments.
Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower's principal balance.
Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
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