Consolidating student loans in canada
You'll convert all of those loans into a new private loan in the process.
Check out Common Bond's student loan consolidation page for more details on refinancing and consolidation options.
You may also qualify for a low interest rate, which can net you significant savings over the life of your loan.
With personal loans as high as ,000 and rates as low as 5.6%, companies like are offering credit where only pay day lenders used to play – at much lower rates.
You'll also preserve the robust benefits of federal student loans, such as Income-Based Repayment, that private lenders don't offer.
However, you'll need to carefully consider your personal situation in order to make this decision - since the interest rate you'll receive is a weighted average among all your existing loans, rounded to the nearest 1/8 of a 1%, you might actually raise the overall amount you pay in interest.
You're effectively replacing your existing loans with one new loan, and you can choose from options that offer you access to different loan terms and fixed, variable, and hybrid interest rates.
With many private lenders, you can consolidate both private student loans and federal student loans separately or together.Check out the official government site for all the details on eligibility.