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12-Mar-2015 12:18

Consolidating your loans may be a good option if you’re happy with your rates, you are planning to use an income-based repayment program, or refinancing is not the right fit for you at this time.

You can stretch your term out with a consolidation loan, and that may lower your monthly payment even though you may pay more over time.

(You can learn more about Earnest calculations in disclaimers available at ) It’s important to note that when you refinance, you can decide which loans you want to refinance and which, if any, you’re happy to keep at their current terms.

Some people may want to refinance all their loans, and for other it may make sense to only refinance some of them.

Federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.

Most student borrowers, however, aren’t that lucky.

Up to 60 percent of the cost of your education may have come from federal student loans administered by the Canada Student Loan Program.

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You will only have one bill to pay each month when you refinance all your loans.When you refinance federal loans and private loans into a one new private loan you will no longer be eligible to use one of the government’s income-based repayment programs.Following graduation from college or university, you may be one of the thousands of students facing loan repayment.Note: Depending on your situation, there may be eligibility requirements for certain plans.Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.

You will only have one bill to pay each month when you refinance all your loans.

When you refinance federal loans and private loans into a one new private loan you will no longer be eligible to use one of the government’s income-based repayment programs.

Following graduation from college or university, you may be one of the thousands of students facing loan repayment.

Note: Depending on your situation, there may be eligibility requirements for certain plans.

Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.

For example, if you took out a loan or line of credit from another institution but found that CIBC had a more competitive interest rate, you could apply for the Education Line of Credit to satisfy those debts.