The idea of consolidating all your loans together sounds like a great way to simplify, but is that even possible when you have both private and federal loans? The short answer to the first question is yes, it is possible.
But in order to decide whether it makes sense for your situation, there are some considerations to take into account.
Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.
Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.
If you feel like refinancing is the right fit, you can get your personalized rate and savings without impacting your credit here.
Consider the potential benefits and factors of consolidating or refinancing federal and private student loans in the table below.
You may also be able to receive a lower interest rate and/or lower payment.There are many potential benefits to refinancing student loans.If you have been making regular payments on your existing loans, you may be wondering how refinancing may benefit you.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.
This is particularly the case for mature borrowers who take out higher-rate federal unsubsidized or PLUS loans for graduate, MBA or professional degree programs.