We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.After you are done, you will know how to refinance and consolidate student loans. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.Check out this video to learn more about changing repayment plans, postponing or reducing your payments, or combining your federal student loans.(Captioning available in English and Spanish; just start the video and click on the CC symbol at the bottom.) View accessible version (wmv) Beware: Private companies may contact you with offers to help you with your student loans for a fee. Department of Education and our loan servicers will help you for free.
We then detail a step-by-step guide to using and choosing consolidation loans.
Student loan consolidation or refinancing can be a great tool to use for those looking to save on, or simplify, their monthly payments, but going that route can also have serious consequences if not approached carefully – there are even student loan consolidations scams to be aware of.
That’s why we created this guide – to give borrowers a useful resource that empowers them to choose if student loan consolidation is right for them and which type may best suit their needs.
If so, contact your loan servicer and ask whether you’d be able to switch the date your student loan payment is due. What you ultimately pay depends on the plan you choose and when you borrowed.
If you need lower monthly payments, consider an income-driven repayment plan that’ll base your monthly payment amount on how much you make. If you have multiple student loans, simplify the repayment process with a Direct Consolidation Loan—allowing you to combine all your federal student loans into one loan for one monthly payment.