Consolidating private federal student loans together
This new loan maintains the same average interest rate across all of your loans (more on this below).For students who feel buried in bureaucracy over student loan repayment and managing various lenders and due dates, student loan consolidation may be a good fit for you.Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.We’ve created this guide to help borrowers better understand the emerging student loan refinancing and consolidation industry.In short, when you refinance your student loans, your new lender will pay off your old loans and issue you a new one.Your new loan typically has a lower interest rate, saving you money, or a lower monthly payment, making repayment more manageable.
However, there are other options for private student loans, which I’ll talk about below.
When you consolidate student loans through the Direct Loan Consolidation Program: " data-reactid="15"Okay, so we've established that certain lenders will allow you to consolidate your private and federal loans together.
Now let's talk about whether that option is right for you.
By now you should know the basics behind student loan consolidation and refinancing.
Now, we would like to present unbiased descriptions of the eleven major student loan consolidation companies.