Does consolidating student loans lower interest rate

The interest rate is primarily determined by the lender’s evaluation of the borrower’s credit history.

Private and federal loans can both be refinanced with a private consolidation loan.

We start by discussing the basics of student loan consolidation and refinancing, and comparing the benefits and drawbacks of federal and private consolidation loans.

We then detail a step-by-step guide to using and choosing consolidation loans.

Because the interest rate is a weighted average and rounded up, borrowers won’t ever save money on interest by opting for a federal consolidation loan unless the loans are pre-2006 and have a variable interest rate.

The new interest rate would still be equal to the current interest rates in that situation, but it might save money in the future if the variable rates rise (the new fixed rate would stay the same).

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