But if the Fed starts worrying about inflation, policymakers may decide to raise rates to keep prices from rising too sharply.Each refinancing lender determines the rate they’ll offer a borrower on a case-by-case basis, so if you want to take advantage of the lowest interest rate available, it’s best to apply to many different lenders.Let’s look at an example of getting a federal consolidation loan— FEDERAL CONSOLIDATION LOAN GOV you can also get a private consolidation loan PRIVATE CONSOLIDATION LOAN BANK if you have private loans, but we’ll get to that in a minute.
from all the best student loan refinance lenders listed with a single application.
You can even check your prequalified rates without sharing your personal information or incurring a hard credit pull, so it won’t affect your credit.
Remember though, refinancing your federal loans could mean giving up your certain borrower benefits like deferment and forbearance, loan forgiveness, and income-driven repayment plans.
Learn more about whether refinancing is right for you.
Essentially what happens when you consolidate BANK is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.