Consolidating student loans bbs dating and relationship
HARI SREENIVASAN, PBS ANCHOR: Student debt is something millions of Americans live with for years — even decades after they graduate college. Wells Fargo is the second largest private student lender, and what they have decided to start doing is to lower the monthly payment by essentially lowering the interest rate to as low as one percent for borrowers.
Now, two of the nation’s largest private student lenders are rolling out options that will allow borrowers to modify the terms on their loans. That’s significant because actually many borrowers have private student loans with interest rates that are 10 percent or higher than that.
For more about the significance of this, we’re joined now by Marian Wang, a reporter with Pro Publica and by Anna Maria Andriotis. So what they’re starting to see is significant declines in what they’re paying monthly.
And this announcement came out of Wells Fargo this past week.
With this option, you replace your multiple credit cards and other bills with a single monthly payment.
Just follow the new repayment plan that fits your budget.
So there’s been a lot of back and forth between the CFPB and private lenders.
In addition, from the private lender side, what we have started hearing is that there have been a lot of internal discussions at banks about how do we increase loan revenue going forward? So Marian, put this population in perspective for us.
This is where you take out a personal loan from a financial institution, such as a bank, to pay off your multiple creditors immediately.
Through this loan consolidation option, you make one consolidated low monthly payment on the new loan.