Process consolidating student loans
Through the Direct Consolidation Loan program, you can combine your loans (depending on the type) into one loan.This makes your payments smaller and easier to manage.Student loan refinancing is a similar concept to student loan consolidation except that it is done through a private lender.
Application requirements for student loan refinancing vary between lenders.
Lend Key allows you to consolidate both your federal and private loans into one, allowing you to better manage your finances.
They offer both a variable (as low as 2.90% APR) or a fixed (3.15% APR) rate.
When you sell your loans to the private lenders, you also give up the federal programs that go along with them.
This makes it harder to pause your loan payments and causes you to lose your eligibility for income-driven plans.