Student loan consolidation is the process of unifying several loans with different rates and terms into a single loan with a single payment.
The blended interest rate is determined by calculating the weighted average interest rate of the original loans (meaning higher balance loans have greater impact).
In doing so, I was able to hack off 3 years of the life of my loan and I will save over ,000 in interest. Definitely recommend Earnest to anyone that is looking to better their financial future.
A student loan refinance is a good choice for people who have seen advances in their income, career, or credit score since they were in school.It's like a burden has been lifted off my shoulders! Rates and terms of very competitive and have reduced the overall amount I have to repay.What makes Earnest shine are all of the configuration options throughout the lifespan of the loan.When you refinance multiple loans, the lender will evaluate your current financial profile to provide a rate that reflects your financial progress since you originally took out the loans. I was paying 10.5% variable interest on my student loans - by variable I mean only getting variably higher every 6 months. I shopped around a little bit and Earnest gave me the best options to choose from.Whereas consolidation just streamlines bills, refinancing also shrinks them. I was able to refinance my student loans for less than half of the interest I was paying before.You also get to choose your monthly payments and let's you know how much you'll be paying in interest with the amount you've chosen.I would definitely recommend to people I applied for school loan refinancing with Earnest and got the best interest rate possible, because they didn't just look at one thing in order to determine it.You have to give a lot of financial info which is a little unsettling, but it makes sense.I was able to choose the amount I wanted to pay each month, extending the timeframe for the loan by a few months in order to pay a little less, or shortening the timeframe if I wanted to pay more.Our data-driven evaluation of your full financial profile gives us the ability to offer qualified borrowers lower, more personalized rates than traditional lenders can.So whether you want to pay off your student faster or just reduce your student loan payments, we can help.