Benefits of consolidating student loans
Eligibility Requirements You must be a U. Some of the products we feature are from our partners. But refinancing means losing access to the benefits of federal students loans. Both federal and private loans are eligible for refinancing and consolidation through Citizens Bank.
Lower rates and fees Federal student loans generally have lower interest rates than private loans. But federal loans can be dissolved if you participate in an income-driven repayment plan or work at a nonprofit or for the government.
Some of the products we feature are from partners. After grants and scholarships, federal student loans should be your next choice to pay for college. Back to top Less interest accrues on subsidized loans Students who have high financial need qualify for federal direct subsidized loans.
It can also help you turn variable-rate private loans into a safer fixed-rate loan. Back to top Guaranteed loan cancellation if you die Federal students loans are discharged if you die or become permanently disabled. Look for lenders that offer more. Citizens Bank is one of the only companies that does not require you to have graduated in order to refinance.
You can easily consolidate multiple federal loans into one without a credit check. We adhere to strict standards of editorial integrity. For example, you would not be charged any fees for making extra principal payments each month.
Private student loans are harder to catch a break on. Back to top Access to income-driven repayment Federal student loans make it easy to lower payments if you need to. Benefits As you would guess, Citizens Bank charges no application origination, disbursement, or pre-payment fees. Federal loans give you more time to get your payments on track if you fall behind. If you have a choice, a fixed-rate private loan is usually the better option.
And the company even offers an interest rate discount if you choose to make your payments via auto-pay, as reflected in the rates above. Back to top More time before student loan default Some private loans go into default nearly as soon as you miss a payment.
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