Consolidating private loans federal loans
Refinancing your student loans is an important step that can help you save money over time.
If you have a better credit score or if your financial status has improved since the time you took out your initial loan(s), you may be able to get a better interest rate and get your loans repaid faster.
Learn how to apply for a Direct Consolidation Loan, or get additional insights on the Federal Student Aid website. This option allows you to include some or all of your private and/or federal student loans.
With a Direct Consolidation Loan, you may extend your repayment term, which will lower your monthly payments, but not your interest rate*.
This will make it easier for you to take care of other aspects of financial management.
Before refinancing your student loans, however, make sure you keep these key details in mind. While there are many different reasons to refinance student loans, you …Refinancing student loans can allow for lower monthly payments, and consolidating your loans can be instrumental in combining everything into a more easy-to-understand, single bill.
Private student loans come directly from a private lending institution and can also be consolidated.
However, Federal and private loans cannot be combined into one loan together.