Consolidated loans rarely offer these types of benefits, and students should not expect their new loan to reflect any of the traditional student benefits. Citizens Financial Group Inc. If you choose to consolidate loans that currently have a cosigner, your cosigner will no longer be responsible for the loans you include in your new consolidation loan. One such factor is that, by refinancing, you may end up extending the length of time that you have payments, as mentioned earlier. We welcome new comments and questions below. Banks offer these benefits as a way of attracting student borrowers, and ensuring that they are able to fully repay their loans. Refinance Now Should You Consolidate?
4 thoughts on “Banks consolidating private student loans”
Interest rates do drop. By specializing in student loans, we are able to give our customers the attention they deserve and deliver loans that are simple, clear, and personalized for the individual:
Shorten your loan term to pay off debt sooner.
However, if you have not yet built up a solid credit score or report, as most students and new graduates have not, then it will likely mean that you will have to have a cosigner.
They will handle all the hard work.