Loan Consolidation & Refinancing
Consolidation
Consolidating your student loans simplifies the students repayment process by combining multiple loans into one monthly payment. Consolidation terms and conditions depend on your loan servicer (Federal or Private) Extending the repayment period can cause you to make more payments and pay more in interest. You can make a more informed decision by review this list to see if consolidation is right for you. Consolidation is typically a one-way street and cannot be reversed.
PROS:
- Single loan with one bill
- Lower monthly payment
CONS:
- Longer repayment period
- More interest
Refinancing
Refinancing a loan is the process of replacing an existing loan with a new one, using the funds from the new loan to pay off the old loan. Refinancing is available to both Federal and Private student loans.
When to Refinance:
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Lower interest rates: Refinancing can help you save money by reducing your monthly payments and interest rate costs
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Shorter or longer repayment terms: You can refinance to change the length of your loan term
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Consolidate debt: You can refinance to combine multiple debts into one loan
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Switch loan types: You can refinance to switch from a variable-rate to a fixed-rate loan
Additional Resources
Refinancing Resources
Boston University Questrom School of Business
Rafik B. Hariri Building
595 Commonwealth Avenue
Boston, MA 02215
MBA CENTER
For Residential MBA Students:
CONTACT
mbacenter@bu.edu
617.353.7800
OFFICE HOURS
Fall & Spring
Appts: M-Th 9am – 6:30pm, F 9am – 5pm
Summer
M-T 9am – 5pm, W-Th 9am – 6:30pm, F 9am – 1pm
HAR 416
FOLLOW US
@questrom_MBA
@questrom_MBA
For OMBA students needing support, please contact ombasuccess@bu.edu
SPECIALTY MS & PhD CENTER
For students in the MSBA, MSMFT, MiM & PhD programs:
CONTACT
qstmsphd@bu.edu
617.353.7800
OFFICE HOURS
M-F 9am – 5pm
HAR 416
FOLLOW US
@questromgrad
@questromgrad