There are also a few refinancing options you may consider.

The interest rate you pay will be the weighted average of the interest rates on all your loans being consolidated, rounded up to the nearest 1/8 of a percent.

Since interest rates are often dependent on a borrower’s credit score, private consolidation may be something to consider if your current credit score is higher than when you initially took out your student loan.

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Current interest rate for consolidating student loans video

Parents can consolidate loans taken on the student’s behalf, but they cannot consolidate with the student into a single consolidation loan.

To determine if consolidation is right for you estimate your savings with our student loan consolidation calculator.

Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.

When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.

However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.

Deferment or forbearance are always options for short-term relief from payment difficulties.

Like a fixed rate mortgage, this means your interest rate stays the same, keeping your monthly payment amount consistent.

The loan term will be 30 years, which is likely to reduce your monthly payment amount by stretching out the loan term.

Private student loans can usually be paid off over a 10-25 year term.