Am I eligible to refinance my student loans?

Federal Student Loan Consolidation

Federal Student Loan Consolidation

Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan. Consolidation can be a helpful tool for managing your finances, providing more flexibility during the repayment period.

Benefits of Federal Student Loan Consolidation

  • Cut your monthly student loan payment
  • Simplify your finances down to only one loan and one payment
  • Access alternate payment plans from the U.S. Department of Education
  • Renew eligibility for deferments and forbearances
  • No application fees, co-signers, or credit checks required

Which Loans Qualify for Federal Student Loan Consolidation?

Most federal education loans are eligible for consolidation, including:

  • Direct Subisidized and Unsubsidized Loans (sometimes called Stafford Loans)
  • Parent PLUS Loans
  • Grad PLUS Loans
  • Perkins Loans
  • Health Education Assistance Loans (HEAL)
  • Nursing Student Loans
  • Some existing federal consolidation loans
  • Other eligible federal student loans, which are listed on the consolidation application

Private non-federal student loans may not be included in a Direct Consolidation Loan.

Private student loan consolidation is different. Some financial institutions will allow borrowers to include federal student loans in a private consolidation loan. In some cases, this may yield a lower interest rate. But, you will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation.

Monthly Payment Relief

One of the key benefits of consolidating your federal student loans is payment relief. By combining all of your student loans into one consolidation loan, you can increase your repayment term from the standard 10 years to up to 30 years (depending on the amount of your education debts), which may reduce your payment. 

With a lower monthly payment, you’ll have more money available to cover living expenses and accelerate repayment of higher interest rate debts. Because there are no prepayment penalties, you can make larger payments to reduce your loan balance when it becomes affordable. This may allow you to pay off your student loans sooner.

Learn more about how student loan consolidation works in this step-by-step tutorial. 

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Why Consolidate or Refinance Your Student Loans

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Learn the pros and cons of student loan consolidation and refinancing, like cutting interest rates and monthly payments, or losing federal loan benefits.

Benefits of Student Loan Consolidation and Refinancing

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Student loan consolidation or refinancing has several key benefits. You might be able to cut your payments & get a better rate. See if it's right for you.

How Student Loan Consolidation Works

How Student Loan Consolidation Works

Wondering what the first steps are in consolidating or refinancing your student loans? Check out these step-by-step instructions on how to get started.

Basics of Student Loan Refinancing

The Basics of Student Loan Refinancing for 2018

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5 Common Myths About Student Loan Refinancing

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Should You Find a Student Loan Cosigner or Go It Alone

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The Pros and Cons of Refinancing Parent PLUS Loans

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Private Student Loan Refinancing Interest Rates

Private Student Loan Refinancing Interest Rates

The interest rate on a private refinance loan is determined by the borrower's or cosigner's credit rating. See the impact of different rates on payments.

Get the answers to your questions about private student loan refinancing. Learn more about the benefits, which loans are eligible and how long it takes.

Federal Student Loan Consolidation

Federal Student Loan Consolidation

Learn about the benefits of federal student loan consolidation, what loans can be consolidated & how it can help you manage existing student loan debt.

Federal Student Loan Consolidation Interest Rates

Federal Student Loan Consolidation Interest Rates

When you consolidate your federal student loans, your interest rate will be roughly the same as your current loans. See an example of the rate calculation.

How do I combine multiple federal loans into one loan? How long does it take to consolidate student loans? Get the answers to these questions and more.

Lending Partners

Interest Rates
  • Fixed as low as 3.18% APR
  • Variable as low as 2.72% APR
  • Hybrid loan rates as low as 3.79% APR
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits Up to $500K
Min. Loan Amount $10,000 Degree Req. Required completion of one of the following degrees at a qualified school:
  • MBA
  • JD
  • MD
  • Engineering
Repayment Terms 5, 10, 15, 20 years
Interest Rates
  • Fixed as low as 3.37% APR
  • Variable as low as 2.35% APR
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits No Maximum
Min. Loan Amount $10,000 Degree Req. Required completion of degree Repayment Terms 5, 7, 10, 15, 20 years
Interest Rates
  • Fixed as low as 5.24% APR
  • Variable as low as 4.87% APR
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits
  • $150K - Undergraduate or Graduate degrees
  • Higher limits may apply for specific fields of study
Min. Loan Amount $5,000 Degree Req. Students from any school could be eligible for our consolidation loan. Repayment Terms 10 - 20 years
Interest Rates
  • Fixed as low as 3.25% APR
  • Variable as low as 2.72% APR
Max. Loan Limits Up to $300K
Min. Loan Amount $7,500 Degree Req. Must hold at least a bachelor's degree Repayment Terms 5, 8, 12, or 15  years.
Interest Rates
  • Fixed from 3.49% - 8.72%
  • Variable from 2.47% - 7.99%
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits
  • $125K - Undergraduate
  • $250K - Graduate
  • $300K - Medical, Dental, Veterinary
Min. Loan Amount $5,000 Degree Req. Graduated from a LendKey eligible school Repayment Terms 5, 7, 10, 15, and 20 years
Interest Rates
  • Fixed as low as 3.74% APR
  • Variable as low as 3.88% APR
  • Rates above include 0.25% auto-debit discount
Max. Loan Limits
  • $120K
  • Minimum qualifying credit score is 660 with an eligible cosigner
Min. Loan Amount $10,000 Degree required. Must have graduated from an eligible school. Repayment Terms 5, 10, or 15 years
Interest Rates
  • Fixed rate range: 3.25% – 8.00% APR1
  • Variable as low as 2.88% – 7.63% APR1
  • No application or prepayment fees
Max. Loan Limits
  • Consolidate and refinance up to $250,0003
Min. Loan Amount $5,0003 Degree required. Must have graduated from a public or private, not-for-profit, degree granting institution. Repayment terms 5 – 15 years2
Am I eligible to refinance my student loans?