Not only would he be able to simplify his payments, but he’d lower them, as well.At the very least, Pete could lower his monthly payments by getting a new loan with a longer term length — up to 30 years in some cases.Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.A few weeks ago, while in line at the grocery store, I glimpsed a woman whose wallet held more credit cards than I’ve ever seen in one place.Bad is a free online resource that offers valuable content and comparison services to users.
But that reality has changed now that credit unions have moved into the market.
Credit unions are offering private college consolidation loans at variable rates of 4.75 percent, 5.75 percent and 7.25 percent.
The interest rate you obtain will depend on the underwriting process, which looks at such things as your college grades, where you attended school, whether you graduated, your current job and your credit history.
In many cases, having multiple credit accounts in good standing can improve your score — but, when you fall behind on one type of debt, it can strain your ability to keep up with the rest.
For some, a good way to get a handle on their debt is to get it all in one place through a debt consolidation loan.