If you’re saddled with student debt and worried about making payments on your federal loans during the coronavirus pandemic, you can breathe a sigh of relief. An executive order in January extended the pause in payments on federal loans and set interest rates at 0% through September. Private lenders may offer their own special relief programs, or you can refinance your private student loans to save money.
Whether you have federal, private or both types of student loans, consolidating or refinancing them might help you reduce your student debt, better manage payments and work toward other financial goals. Too much student debt can hamper your ability to save for retirement or qualify for other loans, such as a mortgage. This guide explains the differences between refinancing private student loans and consolidating federal student loans, the pros and cons of each, and the best options for different situations.
The Best Student Loan Refinance Companies of 2021
No student loan refinancer is perfect for every borrower. These lenders are a good starting point for most people, but you should read student loan reviews and research each company on your own.