Sentences with phrase «lose by refinancing your loans»

Consolidating your loans through the Department of Education does allow for different repayment options as well as different deferment and forbearance options which you may lose by refinancing your loans.

Not exact matches

Please be aware that you may potentially lose certain benefits associated with your federal student loans by refinancing such federal loans with a private student loan consolidation.

By refinancing your loans to Advantage, you lose the ability to go onto an income - driven repayment plan, so these protections can be important.

If a borrower chooses to refinance federal loans with a private lender, they will lose all federal benefits and gain only those offered by their lender on that particular loan.

Sure, you can get a lower interest rate by refinancing, but you'll also lose out on federal student loan protections.

If you refinance your federal loans, you not only lose out on the opportunity to apply for an income - driven repayment program, but you are then also responsible to meet the minimum monthly payment set by the lender you take your new loan out from.

** By refinancing federal student loans, you may lose certain borrower benefits from your original loans, such as interest - rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans.

If you have private student loans, you have nothing to lose by refinancing because private loans aren't eligible for federal loan programs.

If you're refinancing federal student loans into private loans — those originated by private banks and financial institutions — you'll lose the protections and programs that government - sponsored student loans provide.

Since these are private loans, you don't have anything to lose by looking at refinancing, except maybe a few points on your credit score (temporarily) due to the hard check on your credit.

* By refinancing your home to pay off a federal student loan you will lose your federal benefits such as income based repayment, deferment, forbearance, forgiveness, loan disability discharges, or income contingent repayment.

Remember, you'll lose any federal protections you have by refinancing your loan, so it may be a gamble if you lose your job and need to defer loan payments.

Borrowers should be aware that by refinancing federal student loans, they will lose the benefits of federal loans, such as student loan forgiveness and income - driven repayment plans.