This makes repayment and financial management easier.Second, you may be able to get a lower interest rate, which will save you money over the life of the loan.If you want to combine your Federal and private student loans together, you have to do it through a private lender.
The benefits of refinancing your private student loans are typically two-fold.
First, you get a single monthly payment for all of your previous private student loans.
If you want to combine your private student loans together into one payment, you have to refinance your student loans.
The process is very similar to Federal loan consolidation, but it is done through a bank rather than the Department of Education.
The Direct Consolidation Loan program is offered by the U. Department of Education to federal student loan borrowers.