We recommend the lenders above because we thoroughly evaluated them. Can I consolidate private and federal loans together? You can also extend the term of your loan, at the same interest rate.
Ideally, you would qualify for debt consolidation after graduation.
However, you also could qualify when you leave school or are enrolled less than half-time.
Discounts reduce the amount of interest you pay over the life of the loan.
The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017.
Most of them could streamline the repayment process by consolidating their student loans. Get Financial Help Now It simplifies repayment and could save you money.
While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.
For example, borrowers with federal student loans can take advantage of federal income-driven repayment programs, or benefits like loan forgiveness, which borrowers with private student loans typically don’t have access to.
So if you feel like your interest rate is too high, refinancing could help.