Tips on refinancing and consolidating debt

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Most importantly i'm able to save a lot of money refinancing a student loan that was a high variable rate to a much lower fixed rate with better terms.Transferring my loans to Earnest was very easy and it will save money with a lower interest rate. Sallie Mae and Navient have been bilking customers for too long with high interest rates. Second big factor in my decision was the ability to have payments twice a month. I was concerned about giving out my info but it was safe and confidential. I felt wary of making a change from the Federal repayment system, primarily because I was worried that if something unexpected were to happen to me, that my family would be stuck with a large private loan.

Earnest made it very easy to borrow and I ended up with a lower interest rate. By creating a vehicle to sensibly Refi student loans, They have become the modern antidote to the excessive corruption and abuses led by Sallie Mae's former monopoly and it's unethical and extortionist practices.

Student loan consolidation is the process of unifying several loans with different rates and terms into a single loan with a single payment.

The blended interest rate is determined by calculating the weighted average interest rate of the original loans (meaning higher balance loans have greater impact).

When you refinance multiple loans, the lender will evaluate your current financial profile to provide a rate that reflects your financial progress since you originally took out the loans. A big part of being financially responsible is organization. I can make an extra payment through that very easily.

Whereas consolidation just streamlines bills, refinancing also shrinks them. You know who makes it really hard to stay organized? There was so much trouble in understanding exactly how much I owed and to whom, especially making mistakes like ignoring the issue. Earnest is exactly what I needed; a clear stance, a clear design, and clear language throughout the entire process. Earnest not only got me the lowest interest rate, but also the lowest monthly payment.

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