Compensation may factor into how and where products appear on our platform (and in what order).But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you.There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. You also should consider the impact of losing any borrower benefits offered with the original loans.If you are contacted by someone offering to consolidate your loans for a fee, you are not dealing with one of the U. Department of Education’s (ED's) consolidation servicers. To apply for a Direct Consolidation Loan, you must follow the process outlined below. Borrower benefits from your original loan, which may include interest rate discounts, benefits, can significantly reduce the cost of repaying your loans. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you can consider reevaluating your and income situation.
Pros: Refinancing combines your student loans into a single loan.In some cases, you might even save money or lower your monthly payment.However, you could also wind up paying more in interest or voiding your eligibility for flexible repayment programs.You'll have one payment each month and one interest rate that's based on your current loans' rates.
Refinancing works in somewhat the same way as consolidation, except private lenders (and not the federal government) offer refinancing of your federal or private loans into one loan.
That's why we provide features like your Approval Odds and savings estimates.