Whenever researching your choices of either federal consolidation or personal education loan refinance, you should know why these are two various programs. They both combine your loans into one loan, nevertheless, they usually have various credit factors.
Then your answer is simple, most likely yes if you’re here because you want to consolidate your federal loans (no private student loans allowed) into a federal Direct Consolidation Loan.
Education loan refinance is a superb choice if you’re seeking to potentially reduce your payment per month, apr, or eliminate a cosigner (such as your moms and dad) from a loan that is existing. Nonetheless, you have an obstacle to overcome if you truly have bad credit and want to refinance your private and/or federal student loans. Personal education loan refinance loan providers will demand one to satisfy particular credit requirements. General needs, which differ by loan provider, are generally at the very least two-years of work history, and a credit history of at the very least 680 ( or even the power to get a cosigner).
What now? If you’d like to refinance and don’t meet with the minimum needs? You need to make a plan to repair your credit.
Review Your Credit File