Many people want to better manage their student loans and optimize how they repay them. There are a variety of ways to achieve this, but (as is the case throughout many aspects of the student loan world) understanding the confusing array of options can be challenging.
In my next several articles, I’m going to give you a crash course in student loan “consolidation,” “modification,” and “refinancing.” People often casually use these terms interchangeably, but they actually can mean very different things, and it’s important to understand their definitions.
Last week, I discussed student loan consolidation. Today’s post is about student loan modification.
Student Loan Modification
A modification is a change to the terms and conditions governing the repayment of an existing student loan. Unlike consolidation, it’s not a new loan; you keep your same student loan, just with some changes (hopefully good ones).Read More