When researching your alternatives of either federal consolidation or personal education loan refinance, you must know why these are a couple of various programs. They both combine your loans into one loan, nevertheless, they usually have various credit factors.
If you’re here since you like to consolidate your federal loans (no personal figuratively speaking permitted) right into a federal Direct Consolidation Loan after that your response is easy, likely yes.
Education loan refinance is a superb choice if you’re trying to potentially reduce your payment per month, apr, or eliminate a cosigner (such as your moms and dad) from a loan that is existing. But, in the event that you certainly have actually bad credit and would like to refinance your personal and/or federal student education loans, you have got an barrier to conquer. Personal education loan refinance loan providers will demand you to definitely satisfy specific credit criteria. General needs, which differ by loan provider, are generally at the very least two-years of work history, and a credit history with a minimum of 680 ( or the power to get yourself a cosigner).