Pros and cons of consolidating federal student loans
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Income-based repayment (IBR), for instance, caps your payments at 10 to 15 percent of your monthly income.Most private lenders set a repayment cap at 15 to 20 years and typically don’t offer income-based protections.Before refinancing, consider whether or not you’ll need access to an income-driven repayment plan. The federal government offers several loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.Lots of people refinance their student loans to lower their interest rate and save money.
But refinancing isn’t the best financial choice for everyone.
If you’re worried about losing your income in the near future, you might not want to refinance just yet.
Pros and cons of consolidating federal student loans comments