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Your second step is to estimate what your monthly payment and total loan cost would be if you consolidated those loans, then compare it to the current amounts.The USDOE has set up an online calculator for this purpose.
Student loan refinancing: Refinancing is when a student loan lender buys out your existing loans, and gives you a single new loan with a potentially lower interest rate.
Then multiply that by the number of months until your payoff date to find the total cost of your loans.
Do not include private loans, because they cannot be included in federal consolidation.
We recommend the lenders above because we thoroughly evaluated them. Can I consolidate private and federal loans together? You can also extend the term of your loan, at the same interest rate.
However, our team also researched other institutions and found some good alternatives for people that want to consider all options before they begin the process of refinancing or consolidating student loans. If you’re concerned about lowering your monthly loan payments, consolidation could be a good option for you.