Consolidating your debt with bad credit

It’s not unusual for recent graduates, especially, to have a low credit score and an income that’s too small to make payments on large student loan debts.

Even with flexible student loan repayment options on federal loans, these loans can be hard to repay.

Unfortunately, the lenders offering student loan refinancing aren’t exactly forthcoming with this information.

Unlike many peer-to-peer lenders, they don’t publish rate charts that indicate what credit score will get you what interest rate.

Refinancing, on the other hand, is not nearly that simple.

Once you finish school and you’re out in the workforce, lenders will expect you to qualify for a refinance of your student loan in the same way that you would need to qualify for any other type of loan that you might take.

That’s because as a student, you’re not required to be either credit- or income-qualified to take out a student loan.

On certain loans that require credit and income verification, students can usually take them out by simply adding a cosigner.

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We’re working hard at getting everything back up and running, so check back soon to access your free credit scores, full credit report and more.One of the dilemmas facing people who have large student loan debt is the difficulty in refinancing student debt.They seek to move their existing notes to loans with both lower interest rates and lower monthly payments.The only negative that occurs as a result of applying for a new loan is an inquiry appearing on your credit report.An inquiry is a request by a legitimate business to check your credit.Instead, they’ll only provide you with a rate offer after you actually apply for a loan. Given the size of many student loans, lenders use various criteria in determining what your rate will be. Others include the term of the loan, your overall debt-to-income ratio, how much debt you have apart from your student loans, and your career and income level.

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