Best debt consolidating

With many private lenders, you can consolidate both private student loans and federal student loans separately or together.You'll convert all of those loans into a new private loan in the process.Check out Common Bond's student loan consolidation page for more details on refinancing and consolidation options.If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan.The "refinancing" aspect is something the government does not really offer.Refinancing allows you to get a better interest rate on your loans than you did when you first borrowed.You're effectively replacing your existing loans with one new loan, and you can choose from options that offer you access to different loan terms and fixed, variable, and hybrid interest rates.When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.

Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.You can only consolidate federal, not private, student loans through this program.(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.

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