Consolidating private federal student loans together

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In short, when you refinance your student loans, your new lender will pay off your old loans and issue you a new one.

When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.You cannot use a Direct Consolidation Loan to consolidate private student loans.However, there are other options for private student loans, which I’ll talk about below.Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.

We’ve created this guide to help borrowers better understand the emerging student loan refinancing and consolidation industry.

When Refinancing Federal Loans Is a No-Brainer" data-reactid="26"The interest rates on federal loans are all one-size-fits-all numbers determined by Congress, so everyone gets the same rate for the same type of loan regardless of their unique financial situations.

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