Consalidating student loans

consalidating student loans-15

The Federal Direct Consolidation Loan Program (FDCLP) offered by the federal government allows borrowers to combine any of their outstanding federal student loans into a single new loan.

The fixed rate is based on the weighted average interest rate of the loans being consolidated.

Refinancing is the process of replacing an existing student loan(s) with a new loan that has new terms (e.g. Consolidation is a form of refinancing to reduce multiple loans into a new single loan with new terms.

For practical purposes the term refinancing is used on this website to refer to both refinancing and consolidation of student loan debt.* You may be eligible to refinance or consolidate private and federal student loans with the lenders in the Network if you meet certain requirements such as: IMPORTANT: When considering refinancing or consolidating student loan debt, it is important to understand that you are receiving a new loan with new terms, interest rates and benefits.

You'll still be paying interest, but without the tax break.

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