If you just want to reduce your monthly payment, discuss the federal loan repayment options available with your lender. Single Payment If you have loans with multiple lenders/holders, you send a monthly payment to each.However, if you consolidate all those loans, you make a single payment.Lower Monthly Payment Consolidation loan monthly payments are lower because the repayment period is longer.
To lower your monthly payment and simplify loan repayment, consider a Traditional Direct Consolidation Loan.
Also, for student loan borrowers with older loans, consolidation can make you eligible for newer repayment plans that may be more favorable.
Make nine out of 10 on-time payments using the same formula as Income-Based Repayment, which would cap your monthly payment to 15 percent of your income or less.
We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.
After you are done, you will know how to refinance and consolidate student loans. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.