Loan Consolidation
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Student Loan Consolidation Overview
Federal student loan consolidation and private student loan consolidation can both significantly lower monthly payments and simplify your finances. When consolidating student loans, start with your federal loans (Stafford, PLUS, Perkins, and Federal Direct Loans).
Private student loan consolidation should be done after you consolidate your federal loans. It is a practical tool which allows you to refinance all non-federal, education related, debt.
Even if making your monthly student loan payments is not a problem, you may still want to consider consolidating them and lower your monthly payments to free up money for bills with higher interest rates including student credit cards and personal loans. Also remember, the interest on your consolidation loan may be tax-deductible.
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Federal Student
Loan Consolidation |
Private Student
Loan Consolidation |
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| Reduces current monthly payment by up to half |
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| No prepayment penalties |
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| Interest only payments available |
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| Simplify monthly finances |
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| Improves your credit rating |
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| Fixed interest rate |
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| Lender-specific Benefits and Incentives |
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