If you don’t know who your private student loan servicer is, look at a recent billing statement.Consolidating your student loans means combining multiple loans into one loan.And ,when it comes to qualifying for these programs, there’s nothing a private company can do for you that you can’t do yourself for free.If you have federal loans, the Department of Education has free programs that could help, including: These options are free.While consolidating these loans doesn’t necessarily save you any money, it can give you the option to finance the entire amount over a longer term, which can significantly reduce your monthly loan payments. Dept of Education allows students with multiple federal loans to consolidate these loans relatively easily.
Top picks for student loan consolidation and refinance We’ve researched dozens of companies and lenders to come up with a list of your top 3 picks for student loan consolidation and refinancing.
You can learn more at the Department of Education’s Student Aid.gov/repay or by contacting your federal student loan servicer. With private student loans, you typically have fewer repayment options, especially when it comes to loan forgiveness or cancellation.
To explore your options, contact your loan servicer directly.
Some companies promise to help reduce student loan debt, but there’s nothing they can do for you that you can’t do yourself for free.
And some of the companies that promise student loan debt relief are scams.