Refinancing mortgage loan debt consolidating
Consolidating your federal loans separately (using a federal consolidation loan and handling private loans separately) gives you the simplicity of one monthly payment, and you’ll get a fixed rate so you always know what your payment will be.
If you have private student loans: It’s always worth shopping around to see if you can get a better deal.
Refinancing can help you simplify, but it’s really about saving money.
If you can get a lower interest rate (or some other advantage), you’ll be in a better position.
You only make one payment, but the payment goes to the agency, which then pays off your multiple loans for you.Avoid racking up debt again once you free up those lines of credit. But moving from federal loans to private loans is not something you can reverse—you’ll lose the benefits of those federal loans forever.For example, if you work in public service, you might have the opportunity to get federal loans forgiven after 10 years of employment—good luck getting that deal from a private lender.do that if you use a private lender (not through a federal Direct Consolidation Loan), but you’ll want to evaluate that decision carefully.Once you move a government loan to a private lender, you lose the benefits of federal student loans.