Consolidating student loans from multiple lenders

08 Nov

To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.

By doing so, you “consolidate” your student debt into a single loan.

In a rising interest rate environment, this can be comforting.

In a decreasing interest rate environment, this can be concerning.

You may be looking for ways to refinance your student loans at a lower interest rate, but don’t know where to turn.

We have created the most complete list of lenders currently willing to refinance student loan debt. Don’t worry about the impact on your credit score of applying to multiple lenders: so long as you complete all of your applications within 14 days, it will only count as one inquiry on your credit score.

These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017: If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution.Student loan refinancing is the process of replacing an existing student loan with a new loan that has new terms such as interest rate, monthly payment amount and repayment period. Say you can pay off your student loan debt quickly—a variable rate student loan may be a cost-saving solution if the rate is lower than available fixed rates and if the rate does not increase above the available fixed rate during the repayment period.Student loan consolidation is the process of taking multiple student loans from one or several providers and consolidating them into a new single student loan with new terms such as the interest rate, monthly payment amount and repayment period. Just remember, the longer it takes you to pay off the loan, the more opportunity there is for variable interest rates to change.Magnify Money is an independent, advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.We do not let compensation from our advertising partners impact the order in which products appear on the site.