Once you qualify, you may get a lower rate, or you may choose to lengthen the time it takes to repay your loan to help lower your monthly payment.Of course, extending your repayment time may add more interest over the life of your loan.At Wells Fargo, you’ll work with a dedicated student loan consultant who can help you complete the application and determine what your new monthly payments will be.Even though student loans are not what they used to be and they are no longer seen as an absolutely safe solution to financial difficulties, depending on your specific financial situation, consolidating your student loans may still bring you certain benefits.
If you have one or more student loans, you have payments to make. Fortunately, there’s a way to refinance your single loan, or turn multiple loans into one loan, and perhaps lower your monthly payment in the process. There are two types of student loans: federal and private. You can learn more about consolidating federal loans at
When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
It takes you ten years to payoff your student loans.
Based on a stock market indexed mutual fund return of 12% you would be 32 when you could apply your full 0 former student loan payment to your savings/retirement.