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Depending on your credit score and income, you may qualify for a loan with a lower interest rate.

Lowering your rate can save you a lot of money over time and allow you to pay off your loan faster. If you currently have private loans, you may have a variable interest rate.

If your goal is to save money on your student loans, refinancing may be a better option for you than consolidation.

For instance, you might be able to get a much lower interest rate and shorten your repayment term.

Although consolidating won’t save you money, it can make repaying your loans easier.

In cases like this, consolidating your student loans could help you manage your loans more efficiently. Here’s what to keep in mind before you dive into student loan consolidation.

If you have multiple federal student loans and want to simplify your payments, consolidating can be a smart strategy.

Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns.

Student Loan Hero is not a lender or investment advisor.

Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.

The new, refinanced loan can have completely different terms, too.

We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.

The rates and terms listed on our website are estimates and are subject to change at any time. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site.

Please do your homework and let us know if you have any questions or concerns. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own! If you’re feeling overwhelmed by your student loans, you can take comfort in the fact that you’re not alone: Over 44 million Americans have student loan debt today.