Graduates regularly consider refinancing student loans to benefit from a lower interest rate, simplify finances and/or reduce monthly repayments. However, there are a number of important considerations before signing-up to a debt consolidation loan. Federal and bank loans have very different terms so it is imperative that the borrower has a thorough understanding of the various pros and cons before deciding.

Refinancing Student Loans

Student loan debt consolidation involves putting lots of different loans under one roof and making a single repayment each month. Unlike other sources of borrowing, it is only possible to consolidate student debt once. Turning federal debt into a private loan can remove access to debt forgiveness programs, loan deferment or possibly forbearance. These are very useful ways to avoid student loan default.

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