If you’ve been struggling to make your student loan payments, you’re not alone. A default means you’ve failed to repay your loan according to the terms of your promissory note.
In 2013, 13.7 percent of borrowers in their third year of student loan repayment defaulted on their loans. While the terms of your specific federal loan may vary, for most federal student loans default occurs when you fail to make a payment for more than 270 days.
By now you should know the basics behind student loan consolidation and refinancing.
Now, we would like to present unbiased descriptions of the eleven major student loan consolidation companies.
Please note, from here on out, we consider "consolidation" and "refinancing" the same thing.
All of these companies have been vetted by The Student Loan Report team for product quality, security, and customer experience.
Today, graduates are leaving campus holding a diploma in one hand, and an average of $17,000 in debt in the other.
In America, student debt is the second largest class of consumer debt.
Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.
In short, when you refinance your student loans, your new lender will pay off your old loans and issue you a new one.
Your new loan typically has a lower interest rate, saving you money, or a lower monthly payment, making repayment more manageable.