Please do your homework and let us know if you have any questions or concerns.
But it’s only for federal loans, and it won’t cut your interest rate.
Here’s how: Private student loan consolidation, or refinancing, means replacing multiple student loans — private, federal or a combination of the two — with a single, new, private loan.
You’ll save money if your new loan has a lower interest rate.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.