Q. What are the possible options to consolidate and refinance my student loan?
A. There are four key components for a student loan - principal, interest, term (duration) and payment. You have seven different ways to negotiate or refinance your student loan and get a lower payment amount:
1. Forgive a portion of the principal and keep the rate and term the same.
2. Reduce the interest rate and keep the principal and term the same.
3. Extend the term and keep the principal and rate the same.
4. Forgive a portion of the principal, reduce the rate and keep the term the same.
5. Forgive a portion of the principal, extend the term and keep the rate the same.
6. Forgive a portion of the principal, reduce the rate and extend the term.
7. Reduce the interest rate, extend the term and keep the principal the same.
The above approach would work for any debt negotiations.
A. There are four key components for a student loan - principal, interest, term (duration) and payment. You have seven different ways to negotiate or refinance your student loan and get a lower payment amount:
1. Forgive a portion of the principal and keep the rate and term the same.
2. Reduce the interest rate and keep the principal and term the same.
3. Extend the term and keep the principal and rate the same.
4. Forgive a portion of the principal, reduce the rate and keep the term the same.
5. Forgive a portion of the principal, extend the term and keep the rate the same.
6. Forgive a portion of the principal, reduce the rate and extend the term.
7. Reduce the interest rate, extend the term and keep the principal the same.
The above approach would work for any debt negotiations.
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