On average, student loan borrowers have between three and four student loans on their financial plate.
And that mix of debt might include both federal loans backed by the U. government, and private loans from a bank or credit union.
But keep in mind that the longer you take to pay off a loan, the more interest you will pay over the life of the loan.
And the sooner you get your student loans paid off, the sooner you can divert more of your savings to other key financial goals, such as retirement, a home down payment, or perhaps a 529 College Savings fund for your children. Sometimes life gets in the way of staying on pace with monthly loan payments.
For practical purposes the term refinancing is used on this website to refer to both refinancing and consolidation of student loan debt.* You may be eligible to refinance or consolidate private and federal student loans with the lenders in the Network if you meet certain requirements such as: IMPORTANT: When considering refinancing or consolidating student loan debt, it is important to understand that you are receiving a new loan with new terms, interest rates and benefits.