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If your goal is to save money on your student loans, refinancing may be a better option for you than consolidation.
Here are some reasons you might consider refinancing instead: 1. When you refinance, lenders will offer you different loan terms.
Use our calculator to see if refinancing can save you money. That means your interest charges could increase over time. If you’re on a tight budget and your loan payments eat up a big chunk of your salary, refinancing can help.
If you consolidate loans other than Direct Loans, you can become eligible for income-driven repayment plans.
In addition, if you opt to extend your repayment term, you could pay back more in interest over time.
If you want to compare the immediate benefits of consolidating vs.
Under these plans, the government extends your repayment term and caps your payments at a percentage of your income.
That can help give you more breathing room in your budget.