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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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Home » Ask » Student Aid Matters® FAQ

Student Aid Matters® FAQ

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Page 19 of 22
Should I Consolidate my Student Loans - What are the Pros and Cons
Answered by Elaine Rubin on 04/20/2022
If you are looking to consolidate your federal student loans with a Federal Direct Consolidation loan, you should consider the benefits as well as the cons. While you can lower your monthly payment by extending the repayment term, you could end up paying more in interest over the life of the loan. Read Entire Answer
Should I Refinance my Student Loan - What are the Pros and Cons
Answered by Elaine Rubin on 04/20/2022
Student loan refinancing is credit-based. To know if you should refinance your student loan, first be aware that to qualify you will need to have a steady income and strong credit history, or apply with a creditworthy cosigner. Read Entire Answer
Will I Save Money if I Refinance my Student Loans
Answered by Elaine Rubin on 04/20/2022
The answer to this question is “it depends.” If you’re looking at saving money each month on the amount of your student loan payment, you will likely be able to reduce your monthly obligation by extending your repayment term. However, extending your repayment term may cost you more overall in interest paid over time, but can help to reduce your monthly expenditures. Read Entire Answer
What is the Difference Between Refinancing and Consolidating Student Loans
Answered by Elaine Rubin on 04/19/2022
They are similar, but there are some important distinctions. Both will allow you to take existing loans and create a new loan. Federal student loan consolidation brings multiple federal student loans together with a Federal Direct Consolidation Loan. On the other hand, refinancing allows you to combine different types of student loans together (federal, private, etc.), or it may be done with just one loan. Read Entire Answer
What is Student Loan Consolidation
Answered by Elaine Rubin on 04/19/2022
Student loan consolidation is the process of combining multiple loans into one new loan. Read Entire Answer
Is There an Option for Private Student Loan Bankruptcy Discharge
Answered by Elaine Rubin on 04/19/2022
Technically yes, but private student loans, like federal student loans, are very difficult to have discharged through bankruptcy proceedings. You will need to demonstrate that the repayment of the loan would "impose an undue hardship on the debtor and the debtor's dependents." (U.S. Bankruptcy Code). Read Entire Answer
What Are the Eligibility Requirements for Private Student Loans
Answered by Elaine Rubin on 04/19/2022
Unless you have a strong credit rating and history, you will probably need to apply for a private student loan with a credit-worthy cosigner. Read Entire Answer
Are There Options for Private Student Loan Forgiveness
Answered by Elaine Rubin on 04/19/2022
Borrower benefits, like forgiveness, vary by lender. Before you obtain a private student loan, it is recommended you review the terms and conditions for each loan you are considering. Read Entire Answer
Can I Get a Student Loan for a Certificate Program
Answered by Elaine Rubin on 04/19/2022
Yes, some private student loan lenders offer options for students who are seeking professional training and trade certificate programs. Read Entire Answer
Can You Pay for College with a Credit Card
Answered by Elaine Rubin on 04/18/2022
Can you use a credit card to pay for college expenses? Just because you technically can does not necessarily mean you should. If you’re considering the pros and cons, here are some things to add to your evaluation. Read Entire Answer
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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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