Am I eligible to refinance my student loans?

Student Loan Consolidation: Why Consolidate or Refinance?

Why Consolidate or Refinance Your Student Loans

Student loan consolidation, or refinancing, pays off your existing loans with a new student loan. A consolidation loan simplifies and streamlines your finances by replacing multiple loan payments with a single loan payment.

There are two types of student loan refinancing: federal and private. A Direct Consolidation Loan can refinance federal student loans and parent loans. A private refinance loan can refinance both federal student loans (including Parent PLUS Loans) and non-federal student loans from private financial institutions, such as banks and credit unions, as well as non-federal student loans financed by states or colleges/universities.

Student Loan Eligibility

Direct Consolidation Loan:

✔ Direct Subsidized Loans (sometimes called Subsidized Stafford Loans)

✔ Direct Unsubsidized Loans (sometimes called Unsubsidized Stafford Loans)

✔ Grad PLUS Loans

✔ Parent PLUS Loans

✔ Perkins Loans

✔ Existing federal consolidation loans (in some cases)

✔ Federal Family Education Loans

Private Refinance Loan:

✔ Private student loans

✔ Private parent loans

✔ Direct Subsidized Loans (sometimes called Subsidized Stafford Loans)

✔ Direct Unsubsidized Loans (sometimes called Unsubsidized Stafford Loans)

✔ Grad PLUS Loans

✔ Parent PLUS Loans

✔ Perkins Loans

✔ Existing federal consolidation loans

Federal Student Loan Consolidation Pros

  • Cut monthly student loan payments
  • Simplify repayment with a single loan instead of multiple loans
  • Renew eligibility for deferment and forbearance benefits
  • Multiple payment plans (including income-based repayment for some borrowers)

Federal Student Loan Consolidation Cons

  • Total cost of loans could increase if the repayment period is extended
  • Potential loss of borrower benefits offered with the original federal loans
  • The remaining grace period on the existing loans will be lost if they are consolidated before the end of the grace period
  • Your interest rate will remain roughly the same – it will not go down
  • If you are a servicemember on active duty and you refinance or consolidate your student loans while serving, you will no longer qualify for an interest rate reduction under the Servicemember Civil Relief Act (SCRA) for student loans taken out prior to your service.

Private Student Loan Refinancing Pros

  • Potentially qualify for a lower interest rate
  • May reduce monthly student loan payments
  • Switch to the lender of your choice

Private Student Loan Refinancing Cons

  • All federal loan benefits, such as repayment plans and forgiveness and discharge benefits or access to federal programs may be lost
  • If the repayment term is extended, overall loan costs may increase
  • A creditworthy cosigner may be required to qualify for the lowest interest rates

How Private Student Loan Refinancing Can Save You Money

  1. If you qualify, a private refinance loan can help you cut the interest rate on some or all of your federal loans and your private loans.
  2. When your monthly payment is reduced, you can use the savings to pay off higher interest rate debts.
  3. Some private lenders offer an additional interest rate reduction to borrowers with other accounts, such as checking or savings.

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Why Consolidate My Student Loans?

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

Benefits of Student Loan Consolidation and Refinancing

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

Deciding if you should consolidate or refinance your student loans can get pretty confusing. Learn more about the benefits and drawbacks of refinancing.

5 Common Myths About Student Loan Refinancing

5 Common Myths About Student Loan Refinancing

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Should You Find a Student Loan Cosigner or Go It Alone

Student Loan Refinancing: Cosigner or No Cosigner?

Do the benefits of having a cosigner outweigh the drawbacks? Learn the pros and cons of sharing the weight of your debt with others.

Pros and Cons of Refinancing Parent Loans

The Pros and Cons of Refinancing Parent PLUS Loans

Many parents take out student loans to pay for a child's college education. Learn about the pros & cons of refinancing Parent PLUS Loans & private loans.

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.

Private Student Loan Refinancing FAQs

Private Student Loan Consolidation and Refinancing FAQs for 2018

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.

Federal Student Loan Consolidation FAQs

Federal Student Loan Consolidation FAQs for 2018

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
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Min. Loan Amount $10,000 Degree Req. Required completion of one of the following degrees at a qualified school:
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Interest Rates
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Interest Rates
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Max. Loan Limits
  • $150K - Undergraduate or Graduate degrees
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Min. Loan Amount $5,000 Degree Req. Students from any school could be eligible for our consolidation loan. Repayment Terms 10 - 20 years
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Max. Loan Limits Up to $300K
Min. Loan Amount $7,500 Degree Req. Repayment Terms 5, 8, 10, 12, 15 or 20 years.
Interest Rates
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Max. Loan Limits
  • $125K - Undergraduate
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Min. Loan Amount $7,500 Degree Req. Graduated from a LendKey eligible school Repayment Terms 5, 10, 15, and 20 years
Interest Rates
  • Fixed as low as 3.74% APR
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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 up to 15 years
Interest Rates
  • Fixed rate range: 3.25% – 7.50% APR1
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Max. Loan Limits
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Min. Loan Amount $5,0003 Degree required. Must have graduated from a public or private, not-for-profit, degree granting instution. Repayment terms 5 – 15 years2
Am I eligible to refinance my student loans?