Consolidating a student loan


13-Sep-2019 14:30

The lender will look at your circumstances, the amount you want to borrow, how long you want to borrow for, and your credit score to help decide if your application will be approved or declined.

The smaller your debts and the better your credit rating, the more chance you have of getting a loan, so if there's anything you can do to improve your situation prior to applying then be sure to do so.

Our comparison shows how much each loan should cost you, but the amount could be different if the way you repay it varies from the above assumptions.

The amount could also be different if the lender offers you a different interest rate to the APR.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.1% per annum would result in a representative rate of 3.1% APR, monthly repayments of £218.30 and a total amount repayable of £7,858.80.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.2% per annum would result in a representative rate of 3.2% APR, monthly repayments of £218.62 and a total amount repayable of £7,870.32.

consolidating a student loan-41

dating amish women

With that in mind, don't base all of your future debt management plans on the rate you find advertised.

Meeting the minimum eligibility criteria is no guarantee of approval for a debt consolidation loans, but there certainly isn't any point applying if you don't meet all of the minimum criteria.