Consolidating a federal student loan

NOTE: The federal government does not have a student loan refinancing program.If you refinance your Direct Student Loans or Direct PLUS Loans with a private loan, you will lose the deferment, forbearance, forgiveness, cancellation benefits, and income-driven repayment benefits offered through the Direct Loan Program.They both combine your loans into one loan, however, there are some key differences.The federal program: Direct Consolidation Loan Private student loan refinance options Why should I refinance my private student loans?We recommend you compare your current loan terms against the consolidation loan terms.For example, you may not want to include loans with a lower interest rate than the consolidation loan.Private student loan refinance allows you to choose the loan that best suits your needs.

You will have 30 days, from Approval Disclosure, to accept the loan terms and a three-day right-to-cancel period, following Final Disclosure, before the consolidation is complete.Depending on your primary goal in restructuring your debt, you may potentially achieve: Our website is packed with resources to help you make informed decisions about your student loans.Check out our Student Loan Refinancing and Consolidation Calculator to estimate new monthly payments, compare lenders on our Lenders page, educate yourself with our Resources and explore our Must Reads for things you need to know right now.You have the opportunity to compare lenders to find the best loan refinance option for you.Lenders will offer a variety of terms, like variable or fixed interest rates, no application fees, and choice of repayment terms, which will give you an opportunity to choose the refinancing loan that makes sense for you.

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