Step 1: Discover Your aim

When you combine or refinance, you should end up being clear regarding the requires. Are you presently hunting for lower rates otherwise how would you like to help you make clear brand new fees processes? Or are you currently looking to consolidate several loans into the that the fresh new financing so you have one commission rather than numerous?

Refinancing can get raise specific or most of the terms of the financing and relieve your own monthly payment. For example, for folks who continue along the borrowed funds to minimize the payment, you can shell out way more complete attract.

For those who have government student education loans, you might combine her or him through the Federal Direct Combination Financing Program offered by the federal government. The program lets consumers to mix some of the an excellent government figuratively speaking for the a single the fresh financing.