Bruce Mesnekoff Discussing About Refinancing Student Loan and Consolidation

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• Loan repayment is a major goal for any graduate
  after college. According to our Expert from
  Student Loan Help Center, Mr. Bruce Mesnekoff,
  Every individual dreams of a loan free future and
  having some financial stability. To achieve
  this, there are options available to help with
  loan repayment. In our earlier article we spoke
  about consolidating student loans. In this
  article, we will discuss refinancing student
  loans and its associated advantages.
• So Bruce Mesnekoff, how consolidation and
  refinancing are different in terms?
• These two terms are used interchangeably by most
  people but there is substantial difference
  between the two. Understanding the difference is
  critical to know when can each be used and
  whether it will solve your purpose or not.
• Consolidation lets you combine all your student
  loans into one loan and pay interest at a
  weighted average. Refinancing is taking a new
  loan to pay off all your student loans.
  Refinancing is not available for federal loans
  but only for private loans.Also only private loan
  lenders provide the option of refinancing,
  though a few might provide you with the option of
  refinancing private and federal loans.
• Why Refinancing and Bruce Mesnekoff tells us what
  are the Advantages of it?
• Refinancing has certain benefits if you get good
  pay.
• You will have to pay lesser interest rate. This
  helps you save monthly and eventually a bigger
  bank balance down the years.
• Your credit score is high which will help you
  gain multiple offers from lenders with lesser
  interest rate.
• Offers you variable loan interest which come
  handy if you took loan when interest rates were
• too high.
• You also have the option of decreasing your loan
  repayment cycle, This will increase monthly
  repayment amount but you will be loan free in
  shorter time and will save on even more interest
  money.

Disadvantages There is one major disadvantage
that comes when you refinance private and federal
loans. The benefits offered by federal loans
like public loan forgiveness program or income
driven repayment will not be transferred to
private lenders. So if you are truly confident of
your income then you can do away with such
options and completely rely on private loans. So
Bruce Mesnekoff , Can you tell us Eligibility
Criteria, I think its most important for our
students. The eligibility is determined by your
financial stability, your credit score,
employment history etc. If you have poor credit,
you can always have a co-signer to make the
process feasible.
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Refinancing is surely a great way to save money,
but whether it best fits you or not is completely
your decision. Thoroughly analyze all the pros
and cons against your goal and then take the
first step. Make the best use of the number of
lenders available to provide you with the best
solution for your areas of concerns. Good Luck!
You can also contact Bruce Mesnekoff an author of
The ultimate guide to student loans and CEO of
Student Loan Help Center Florida.