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If your goal is to save money on your student loans, refinancing may be a better option for you than consolidation.Here are some reasons you might consider refinancing instead: 1. When you refinance, lenders will offer you different loan terms.In cases like this, consolidating your student loans could help you manage your loans more efficiently. Here’s what to keep in mind before you dive into student loan consolidation.If you have multiple federal student loans and want to simplify your payments, consolidating can be a smart strategy.By taking out a Direct Consolidation Loan, you can minimize the stress of your debt while retaining your federal loan benefits.Often, Direct Consolidation is required in order to enroll in federal programs such as income-based repayment.You’ll pay more in interest over the length of your new repayment term, but an income-driven repayment plan can make keeping up with your payments possible on a small salary. If you have older federal loans, you may have some with variable interest rates.
That can help give you more breathing room in your budget.This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.Sometimes it might even cause you to miss payments.Use our calculator to see if refinancing can save you money. That means your interest charges could increase over time. If you’re on a tight budget and your loan payments eat up a big chunk of your salary, refinancing can help.By refinancing, you can get a new loan with a fixed interest rate and guarantee a consistent rate for the life of your loan. In addition to getting a lower rate, you can choose a new repayment term.