Consolidating private loans into federal loans
Don’t refinance Federal loans unless you are very comfortable with your ability to repay.
Think hard about the chances you won’t be able to make payments for a few months.
If you are able to reduce the interest rate by re-financing, then you should consider the transaction.
If you think it will take you 20 years to pay off your loan, you don’t want to bet on the next 20 years of interest rates.
You can see the full list of lenders below, but we recommend you start here, and check rates from the top 4 national lenders offering the lowest interest rates.
These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017: If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution.
But, if you are going to be paying your loan for a long time, a fee may be worth paying.
Variable interest rates will almost always be lower than fixed interest rates.