You can consolidate multiple federal student loans into a single, new federal loan on studentaid.gov. To consolidate (a.k.a. refinance) private student loans, go directly to a private lender. Many, or all, of the products featured on this page are from our advertising partners who compensat...
Finally, you can only consolidate federal student loans into a federal loan consolidation. If you hope toconvert your private loans into federal loansto get on IBR or qualify for student loan forgiveness, you are out of luck. Absent an act of Congress, this financial move is not possible. P...
Eligible federal student loans can be consolidated into another type of federal loan called adirect consolidation loan. Most types of federal student loans are eligible for being consolidated into a direct consolidation loan, and borrowers who take advantage of this option can change their repayment p...
However, with federal student loans, another option includes combining them into a newdirect consolidation loanthrough the Federal Direct Loan Program. Your newinterest ratewill be the weighted average of your previous loans, and you will remain eligible for some of the special features of federal ...
Student Loan Consolidation Pros Interest rate changes for the better.Depending on your credit score and the current state of interest rates, you may find that a private* consolidation will give you a better rate than you had before. You can also move variable-rate loans into one fixed-rat...
Student loan consolidation is a process that combines multiple student loans into one new loan to help reduce the number of payments you have to make each month. It might also give you a chance to lower your monthly payment or interest rate. ...
2. Research non-consolidated loan repayment plans To understand whether you're getting a good deal, it's a good idea to use a loan payment calculator (likethe one at StudentLoans.gov) to see what your monthly payments, loan terms, and total amount paid without consolidation would be. ...
Private student loans can be combined through a process more commonly referred to as refinancing. However, refinancing and consolidation aren’t the same thing, even if they both combine multiple loans into one. How is student loan consolidation different from student loan refinancing?
With federal student loans, you can’t get a lower interest rate by consolidating — your new interest will be a weighted average of your current rates.The only way you can get a new interest rate for your federal loans is to refinance them into a private loan. Most importantly, consolidat...
Federal Student Loans When you consolidate your federal student loans, some or all of your loans are combined into one single monthly payment. It’s important to note that your interest rate will not change. You may have the option to extend the length of your loan, which can cause your ...