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Currently, many lenders who offer student loan refinancing are quoting adjustable rates as low as 1.95% and fixed rates as low as 3.75%.Note: When evaluating your options, keep in mind that once you consolidate your federal student loans into a private loan, you CANNOT take advantage of the Federal Direct program.

Because federal consolidation doesn’t change your rate, if you are a highly creditworthy borrower, you may want to consider private consolidation or refinancing.Will federal consolidation change my repayment options?They also offer many benefits to cash-strapped borrowers and those struggling with their student loan payments today.You can apply directly online for federal student loan consolidation here or learn more at our federal consolidation page before you begin. Only direct federal student loans can be consolidated under this program. You are typically able to consolidate after you graduate, leave school, or fall below half-time enrollment. Federal consolidation does lower your interest rate, it simply takes a weighted-average rate of the loans you already have.Student loan consolidation is the process of uniting some or all of your student loans into one new loan.

By consolidating student loans, the borrower would have only one student loan, with one monthly payment, interest rate, and term.In broad terms, federal student loan consolidation can help create payment flexibility and forgiveness options (provided the borrower enrolls in the correct program) while private student loan consolidation is typically done to get a lower interest rate, thereby lowering your payments (and the total amount paid) as a result.This usually, depends on the rate the borrower got when they first took out their loans and the current interest rates offered for refinancing student loans.Further, not all federal loans are eligible to enroll in all income-driven plans. You can also call 1-844-669-4407 to talk to a company focused on assisting borrowers.For example, Parent Plus loans are only eligible for Income-Contingent Repayment (not IBR, PAYE, or REPAYE programs). There is no application fee for federal student loan consolidation. Private consolidation/refinancing is a great option for someone looking to lower their interest rate and thereby their payments (and the total amount paid) going forward.By consolidating, the borrower would have only one student loan, with one monthly payment, interest rate, and term.