Master Your Student Loan Repayments With This Guide

Exploring Loan Consolidation and Refinancing

Loan consolidation and refinancing are two options that can simplify your repayment process and potentially lower your interest rates. Federal Direct Consolidation Loans allow you to combine multiple federal loans into one, often extending the repayment period and reducing monthly payments³. However, it's important to note that this may increase the total interest paid over time.

Refinancing through a private lender is another option that might offer lower interest rates, especially if you have a strong credit score and steady income. While refinancing can save money in interest, it also means losing federal benefits such as income-driven repayment plans and loan forgiveness options⁴.