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Student loan consolidation is combining most student loans into one package, by making a single monthly payment. Many lenders offer student loan consolidation. 


Loans range from 10 to 30 years. But the longer the term the less the monthly repayment. Also the longer the term the more total interest you will pay.

student loan consolidation, refinance loan, lenders

Student Loan Consolidation Tips

  • Many students are not aware of the options.
  • Each student’s financial situation is different. So check all of the options.
  • With the rising cost of tuition, students can limit their dept payments, by consolidating their loans.
  • To find the right bank to refinance your student loans can be confusing.
  • You may be able to refinance debt at a lower interest rate.
  • Don’t extend your term. Because you will pay much more in interest.
  • Look for discounts. And focus on immediate discounts. Not a discount if you don’t miss 36 payments.
  • Discounts reduce the debt you pay over the life of the loan.
  • When you apply, lenders will look at your credit score, income and degree.
  • If you are not approved, you can apply with a cosigner. Which may increase your chances of getting approved.
  • Not all student loan consolidation programs are the same. So it’s a good idea to shop around.
  • Reduce the amount of your debt by making extra payments.
  • Student loan consolidation is not for everyone.
  • Keep in mind that many lenders stopped offering student loan consolidation since the global financial crisis.
  • Consider student loan consolidation, even if you are still a freshman.


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