Erase Debt Stress with Private Student Loan Consolidation
Real-World Examples and Considerations
For example, if you have $40,000 in student loans with an average interest rate of 7%, consolidating at a 5% interest rate could save you thousands over the life of your loan. According to a report by Credible, borrowers who refinanced their student loans in 2023 saved an average of $17,000 over the life of their loans1.
However, it's important to remember that private student loan consolidation is not the same as federal loan consolidation. Federal loans offer specific benefits, such as income-driven repayment plans and loan forgiveness options, which are not available with private loans. If you have federal loans, carefully weigh the pros and cons of consolidating them with private loans.