Consolidating law school student loans

09 Dec

Below we've ranked the leading student loan refinancing and consolidation companies. There are many different benefits and drawbacks of what each student loan consolidation and refinancing lender offers, and it is important to be aware of all of them.It is free to apply and the process usually takes about 15 minutes. You will find all of the necessary information below.​Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and ,000 in yearly gross income.That’s just one story of how student loan debt can grow rapidly, but it’s not the only one.Education debt can quickly make a mess of any borrower’s finances.While your education is likely to be the best investment you ever will make, we urge you to be as prudent as possible in your borrowing.For every ,000 borrowed, a student can expect to pay approximately 5 each month in debt servicing after graduation.

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In return, though, you as a borrower get to defer payment until after you've graduated, and interest rates are lower than unsecured loans.For example: A Connecticut attorney’s student loan debt from law school has more than doubled since he stopped making payments in 2001, and a federal judge has ordered him to repay the higher amount, reports the Connecticut Law Tribune.According to the article and court papers, the lawyer owed ,658.55 when he consolidated his loans in August 1999, which he intended to tackle through income-contingent repayment.If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.Each lender has its own specific underwriting criteria, so you may have a higher chance of approval at certain lenders.