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Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
Student refinancing is an excellent option for individuals with high-interest private loans.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Private consolidation is often referred to as refinancing.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. " There are two types of student loan consolidation: federal and private.
Student loan refinancing is when a private lender takes on your loan, or loans, and combines them into one loan at a new rate and repayment schedule.
When you apply for loan refinancing with a private lender, the private lender is essentially consolidating and refinancing your student loans.