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When you decide to consolidate, our partners will make the process easy for you. The federal student loan consolidation application process is detailed. Your paperwork will be prepared and submitted for you, with your approval.

This is the second chance you've been waiting for: a lower payment and a more forgiving timeline.

These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times.

Private student loans are granted and managed by regular lending institutions – banks, college foundations, various state agencies – and typically charge a higher fixed or variable-interest rate than federally funded loan programs.

Private student loans are credit-based, meaning student borrowers with better credit scores will pay lower interest rates than those with lower scores because banks assess the risk of each borrower.

We’ve got you covered with our Student Loan Smarts blog series.

Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt.

Our partner will explain these options to you and give you a recommendation for moving forward.

It helps to be prepared for this step with your student loan login and PIN so you can provide up-to-date loan information.

Learn more about private student loans Federal student loans are the easiest and most beneficial to consolidate because they offer low interest rates, increased payback terms (which decreases the monthly cost) and because they reduce the number of lending institutions you have to pay every month. That difference is also why you should never consolidate private and federal loans into a single loan.

For example, instead of making multiple payments to multiple lenders at various times of the month, you simplify the equation by making a single monthly payment. The best practice is to consolidate federal loans and private loans separately.

And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a through the refinancing process won’t make sense for every borrower, but it provides great benefits for some.

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