Your lender will heavily weigh your credit score when it determines your new interest rate, though you can use a co-signer to get a better rate.
On its face, student loan consolidation sounds smart: Combine your federal loans so you have a single monthly payment to keep track of, rather than paying separate bills to different servicers. Our guide to consolidation will help you understand what it is, who it’s meant for, whether it’s the right choice for you, and how to apply.
Consolidating has both benefits and drawbacks, and because “consolidating” is sometimes used interchangeably with “refinancing,” it can be easy to confuse the two terms.
Here’s how the government determines the length of your repayment term: Consolidating your loans with the federal government is free.
If you see an ad, receive a letter, or get a phone call from a company that charges you a fee to consolidate, don’t respond.