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What is Student Loan Consolidation

Student loan consolidation is the process of combining multiple loans into one new loan. Student loan consolidation also allows borrowers to extend their loan repayment term to lower their monthly payments. There are two ways to consolidate student loans, a federal consolidation loan or a private student loan refinance.

Private student loan refinance will allow a borrower to choose to refinance a single or multiples loans get a lower interest rate.