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Do you have too many student loans to keep track of?
Get answers to frequently-asked questions on federal student loan consolidation loans and private student loan refinancing.
Find out the pros and cons to consolidation, if you’re eligible, and how to apply. But as if having a debt that may take 10 years or more to repay isn’t enough, most of us also graduate with several different student loans.
Each loan may have different servicing company, a different interest rate, repayment schedule, and due date.
But federal student loans come with benefits—like the ability to reduce or defer payments during hardships—that private student loans do not have.
Avoid other companies promising to reduce your interest rates or consolidate your federal loans.
Private loans are another matter, which we’ll dive into next.
If you refinance federal student loans with a private lender, you will lose these benefits.
Whether or not you’re eligible for private student loan refinancing depends on your credit, income, and existing debt.