Consolidation Loan Refinance Student
Consolidate & Refinance Your Student Loans
Most individuals who conduct an Internet search using the term, "consolidation loan refinance student" are looking for ways to both consolidate and refinance their student loans. This page contains information on the federal (U.S.) student loan consolidation program, repayment calculators, and loan and refinance resources.Consolidation
means that two or more loans are paid off by the lender who then creates a new single loan for the borrower. It is often less of a headache to make one loan payment
each month instead of four or five (or more!).
When you refinance a student loan, you usually either increase the length of the loan, which results in lower monthly payments, and/or increase or decrease the interest rate on the loan(s).
If you have a federally-sponsored loan, either a Direct Loan or a Federal Family Education Loan (FFEL), you are most likely eligible for loan consolidation coordinated through the United States Department of Education.
If you searched for "consolidation loan refinance student" you will probably want to be familiar with this general information about the Department of Education student loan consolidation program:
The Higher Education Act (HEA) provides for a loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. Under these programs, a borrower’s loans are paid off and a new consolidation loan is created. These programs simplify loan repayment by combining several types of Federal education loans (that may have different terms and repayment schedules or may have been made by different lenders) into one new loan. The interest rate may be lower than on one or more of the underlying loans. In addition, the monthly payment amount on a consolidation loan is usually lower and the amount of time to repay may be extended beyond what was available in the separate loan programs. These features should result in more manageable debt and should make borrowers less prone to default.
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