You can refinance and consolidate both federal and private student loans.
Private lenders will consolidate your student loans through refinancing.
Many former students can usually receive a lower interest rate through private student loan consolida tion. This will depend on your current financial picture.
In most cases, you can usually see a lower payment and substantial savings through private student loan refinancing.
STUDENT LOAN CONSOLIDATION
What is a Direct Consolidation Loan?
A program that allows you to combine multiple federal education loans into a single federal Student Loan through the Department of Education.
The Interest rates effectively stays the same. The resulting interest rate is a weighted average of your prior rates.
This may extend the length of time you are paying on your loan, a decreased payment will result in lengthening the term. This can also increase the amount of interest you pay over the term of the loan.
Because the interest rate is not reduced, federal loan consolidation is generally not a money-saving option.