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College graduates with student debt soon will have a new option: the ability to roll those student loans into their home mortgage. Turning student debt into mortgage debt could cut the interest rate and payments required of some debtors.Fannie Mae, which works with virtually every lender in the country, has created a new standard that will allow borrowers with sufficient home equity to fold their student loan balances into their home mortgages. However, it also strips away some of the protections that come with federally guaranteed student loans.This may make your monthly payments more manageable, and allow you to allocate any freed-up funds directly to the principal so you could pay down the loan faster — which could improve your credit score.
To learn more about how refinancing your student loans could help you reach your saving goals, check out our refinance calculator, call 1-877-405-2262 to speak with one of our Student Lending Specialists, or visit your nearest Citizens Bank branch.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint.
Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans.
When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.
Both federal and private lenders recognize that lower monthly payments help may be the best option, if you don’t get the job you want immediately after graduating from colleges.
However, it is possible for that variable rate to go up or down each month.