Consolidating undergrad and graduate loans

Andrew Rombach is a Content Associate for Lendedu – a website that helps consumers and college graduates with their finances.

When you refinance student loans, you apply for a loan from a private bank or lender instead of the government.

This private loan is used to pay off any previous private and/or federal student loans, and you must pay off this new loan under a new interest rate and repayment term.

There are plenty of ways to manage your student debt, but each method comes with its own benefits and drawbacks.

Carefully weighing the pros and cons of each strategy is paramount to getting your debt in order before making the leap to grad school – and more student debt.

The debt avalanche method is one of the fastest ways to pay off debt out of pocket.

You can rely purely on budgeting and planning to make it happen. It can be difficult managing multiple loan accounts simultaneously, and this method requires a higher income relative to student debt balance in order to make larger payments.

The best student loans should provide you with the educational funds you need to succeed in your future career at an affordable repayment rate.

If you are looking for a student loan, we advise you to research to get the best rates and terms possible.

With the debt avalanche strategy, you start by making minimum payments on all student loans.

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