Consolidating student loans in canada

A debt consolidation loan is when someone borrows money and then uses that money to pay off other debts.

You may want to apply for a consolidation loan if you’re struggling to make your minimum monthly payments on your credit cards, line of credit or overdraft.

Consider refinancing if you have: Use Nerd Wallet’s student loan consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.

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These processes are often confused, but they’re very different. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Private consolidation is often referred to as refinancing. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. " There are two types of student loan consolidation: federal and private.Also, some information presented might not apply to your situation.See How to enable cookies The information provided here is for demonstration purposes only, and is not a substitute for a professional advice.

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