Is consolidating your student loans a good idea

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Refinancing your loans can lower your interest rate and your monthly payment.

Federal loan consolidation can lower your monthly payment if you extend your loan term, but stretching out payments over a longer time period without an interest rate reduction can increase overall repayment costs.

If you’ve read about the pros and cons of student loan consolidation, and understand the differences between private and federal loan consolidation, you might have decided that federal loan consolidation is right for you.

Once you start the application process, you’ll need to complete it in one sitting.

Student loan debt can be considered “good debt” because it is seen as an investment in your future.

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You can refinance loans with private lenders as often as you would like.

Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.

And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.

The only way to consolidate federal student loans is through the federal government, by using studentloans.gov, or by refinancing them through a private lender.

But when it comes to private loans, there are a number of different lenders out there, all offering different interest rates and terms.

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