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One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.Finding the right bank to refinance or consolidate your student loans is confusing.When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).
In part, that's because a law enacted last year eliminated the decades-old "single-holder" rule.
That rule required borrowers who had all their federal student loans with one lender and wanted to consolidate to use that lender. Smaller lenders are eager to lure student loans from the major players, Walker says.
Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.
Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.
But if you borrowed to pay for college, much of your mail will come from lenders, urging you to consolidate your student loans. For years, loan consolidation has allowed borrowers to reduce their monthly payments and avoid interest-rate increases.