Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.But it’s only for federal loans, and it won’t cut your interest rate.Learn more about when to consolidate and refinance federal and private loans.
The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.
Consider refinancing if you have: Refinancing federal loans into a private loan means losing consumer protections specific to federal loans.
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But unlike the federal government, they can consolidate both federal and private loans.
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People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.
Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school.
The rates and terms listed on our website are estimates and are subject to change at any time.