Sometimes, you can fix a lower interest rate to that single payment than the average rate that you were paying on your other multiple loans, which is especially beneficial if you are able to turn variable rate loans into a single, fixed, low-interest rate loan.

Refinancing doesn’t guarantee lower payments, but it could help you get a lower interest rate and enable you to pay off your loan faster.

Remember though, refinancing your federal loans could mean giving up your certain borrower benefits like deferment and forbearance, loan forgiveness, and income-driven repayment plans.

This is especially true when you are extending the repayment length on the debt.

Some federal loans, such as Stafford loans, have subsidized interest benefits that can survive a consolidation. The loss of subsidized benefits can demonstrably impact the amount of interest that you pay on a debt.

You can find each lender below, along with information on rates, terms, and other key details. But remember, lowering your monthly payments could mean that you end up paying more in interest overall.

Should I refinance my student loans with fixed or variable interest rates? How do I consolidate or refinance my student loans? How much can I save by refinancing my student loans?However, loan consolidation is not always the answer.You may end up paying more in total interest after you consolidate your student loan debts.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.You can also reset any existing deferments or forbearance (typically three years) on a student consolidation loan.