If you have student loans, chances are you’re dealing with multiple interest rates, multiple loan servicers and multiple monthly payments – a surefire recipe for multiple headaches.The idea of consolidating all your loans together sounds like a great way to simplify, but is that even possible when you have both private and federal loans? The short answer to the first question is yes, it is possible. But if you’re like most graduates, you might be feeling, well, a little grounded.
This report was not chartered by or created on behalf of any lender listed below.(You can see how your credit standing affects your cost of debt over time using this calculator.) Unfortunately, many borrowers who would qualify to refinance don’t even realize the option exists for federal loans – mostly because it only became available in the past few years.But as awareness grows, so does the number of borrowers who take advantage of refinancing.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).