Consolidating student loans with credit card
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Private consolidation is often referred to as refinancing.
People talk all day long about their workouts, favorite apps, and their love lives, but bring up the subject of money, especially credit card debt, and suddenly everyone clams up.“Money is the last taboo subject,” said So Fi Chief Operating Officer Joanne Bradford in a May episode of the Digiday podcast. They’re uncomfortable with talking about how much they make, how much they save, what they can do with it.”According to the American Psychological Association’s latest “Stress In America” report, money is the number one cause of stress—ahead of work, family, and health concerns.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.
Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
End the vicious cycle of credit card debt, rather than transferring the balance to yet another credit card, which you might continue to charge up.
Armed with new information and a game plan, the next time the subject of money—specifically credit card debt—comes up, you’ll have plenty to talk about.
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.
You have to complete the application in a single session, so do your research before you start.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.So unless you’re expecting a windfall from a long-lost relative (who probably didn’t talk about money either), it’s up to you to come up with a game plan to manage your finances.