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). I had a great experience recently in refinancing my student loans!The entire process of refinancing one of my student loans was incredibly easy. After comparing rates from different companies, I chose to go with Earnest because they had the best rates options for my situation.Earnest has extremely competitive rates - certainly the lowest among the places I searched by a decent margin.
My main concern is the application step when you link your accounts up into Earnest.I was able to refinance my student loans for less than half of the interest I was paying before.In doing so, I was able to hack off 3 years of the life of my loan and I will save over ,000 in interest. Definitely recommend Earnest to anyone that is looking to better their financial future.We look at data other lenders don’t, like savings, education, and earning potential.This helps us build a better picture of your full financial profile so that we can offer our clients the lowest possible rates on their loans.Perhaps, I could have received a better rate elsewhere.