Consolidating a defaulted student loan

Variable-rate student loans have interest rates that can change during the repayment period.

Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR.

While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower's credit profile to determine eligibility.

Learn more An estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate.

Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.

However, borrowers have peace of mind knowing their monthly payments will always be the same amount.Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later.Learn more A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan.Learn more The average amount borrowers have saved by refinancing with this lender.Unless indicated otherwise, values shown are over the lifetime of the loan.

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