Consolidating fafsa loans Cougar chatbot
Learn more"Term" refers to the length of the loan, typically in years.
In general, the shorter the term, the lower the interest rate and the higher the monthly payments.
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Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns.
If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!
If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.
A consolidation loan allows you (or your parents, if they have a PLUS Loan) to combine several types of federal student loans with various repayment schedules into one loan with one monthly repayment.
Your payments might be significantly lower than under the 10-year Standard Repayment Plan, and you might receive a lower interest rate than you are currently paying on one or more of your loans.
We only evaluate lenders and do not issue student loans.
Longer terms will typically result in lower monthly payments but at a higher interest rate.
Borrowers may select any term offered by a lender regardless of the current loan term.
Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later.
Learn more A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan.