Student loan consolidation can help you simplify your finances by combining multiple loans into one. Take a look at how these two options for consolidation compare:
Multiple federal student loans are combined into one loan with one monthly payment.
Your interest rate is the average rate of all loans being consolidated.
You may be able to extend the length of your loan, which can lower your monthly payments, but result in more payments over time.
It's more convenient, but not a money-saving option.
Multiple federal and private student loans are combined into one loan with one monthly payment.
Your new interest rate is based on your credit history and financial health.
On average, CommonBond members save $24,046 by refinancing to a lower rate.⁶
Refinancing federal student loans with a private lender will forego federal student loan protections, such as public service forgiveness and income-based repayment plans.