Borrowers often look for the lowest interest rate possible, but it’s worth checking out the various features each lender offers. When you refinance a federal student loan, a lender pays it off and issues you a new, private loan.
That means you can’t repay the refinanced loan on an income-driven repayment plan, postpone payments using deferment or forbearance, or get loan forgiveness for working in public service.
If you’re tired of making sky-high interest rate payments, student loan refinancing may be a good option for you.
Refinancing saves you money by replacing your existing student loans with a new, lower-rate loan.
No origination fees in most states, no prepayment penalties.
You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
The loans that were consolidated are paid off and no longer exist.
You can find each lender below, along with information on rates, terms, and other key details. But remember, lowering your monthly payments could mean that you end up paying more in interest overall.
Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment.
Whom do I contact if I have questions about consolidation?