Refinance Student Loans Or Consolidate Student Loans

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Refinance Student Loans Or Consolidate Student
Loans?
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• The decision to consolidate federal student loans
  or to refinance student loans is an important
  one. Since federal student loan consolidation and
  private student loan consolidation (also known as
  student loan refinance) are different, it is
  essential that you understand the differences
  before deciding which path to pursue.

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Student Loan Consolidation

• When you consolidate student loans, you can only
  consolidate your federal student
  loans.  Consolidation of your federal student
  loans means that you combine more than one
  student loan into a single student loan, and the
  resulting interest rate is a weighted average of
  the student loans that were combined. With a
  single monthly payment, you are still afforded
  borrower protections such as flexible,
  income-driven student loan repayment plans and
  student loan forgiveness. More to come on those
  topics below.

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Make Lemonade Tip

•  If you have a Perkins loan and are considering
  consolidating your Perkins loan, you are better
  off keeping your Perkins loan outside of your
  student loan consolidation.

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Refinance Student Loans

• How To Apply For Federal Loan Consolidation In 5
  Steps
• Create a Federal Student Aid (FSA)
  ID through Federal Student Aid.
• Log on to the National Student Loan Data System
  (NSLDS) to view your loan types as well as
  balances and interest rates.
• Choose a repayment plan (income-based or basic)
• Apply for direct consolidation
• Pick a student loan servicer (FedLoan, Great
  Lakes, NelNet, or Navient)

• Income-Based Repayment Option
• Income-based repayment
• Pay As You Earn
• Revised Pay As You Earn
• Income-Contingent Plan

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Thanks!

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