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But if you consolidate your loans by refinancing with a private lender, you may qualify for a lower interest rate that could save you money both in the short-term and the long-term.Reducing your interest rate by even 1% could yield thousands of dollars in savings over the life of your loan.As we mentioned above, there are some important things to consider before you apply to consolidate your student loans, like whether you’ll lose access to federal benefit programs.Refinancing with a private lender — and the resulting consolidation of your loans — may not be the best choice for you right now if: If you consolidate your student loans through the federal Direct Consolidation Loan program, you’ll retain eligibility for federal loan forgiveness, deferment and forbearance, as well as income-driven repayment plans.Remember that if you refinance federal loans with a private lender, you will lose income-driven repayment and forgiveness options.See also: Can You Consolidate Student Loans With Your Spouse?
Each borrower’s financial situation is unique, so only you can say whether consolidating your student loans is a good idea for you.
We’re here to help with answers to your most pressing questions about consolidating your student loans.
When you consolidate your student loans, you combine all your separate student loans and pay them off as a single new loan.
If you had to stitch together a patchwork of loans from different sources to pay for college or graduate school, you’re not alone.
With half a dozen bills due at different times each month, you — and millions of other Americans — may struggle to keep track of what you owe and how much interest you’re paying.