How Should you consolidate your Student loan

Consolidating different federal student loans can also reduce the monthly rate by extending the loan term, but this will result in a higher payments overall due to the loan`s interest rates.

Student loan forgiveness You can still access federal loan programs and forgiveness schemes following this, but there`s no way to reduce your set interest rates.

Another option is refinancing - consolidating federal and/or private loans into a single, brand-new loan.

So consolidation is a strategic move to reduce the complexity of repayments and focus it into one sum, refinancing can be a move to save money.

You can refinance both federal and private loans into one new one, but you can`t consolidate a mixed bag of loans.

You`ll usually get a new loan term ranging from 10 to 30 years, and that will normally start within 60 days of agreeing to the loan.

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