Best lenders for consolidating student loans
If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.
According to the NCES, 13% of students in the repayment phase of their loans defaulted in 2013.
Ideally, you would qualify for debt consolidation after graduation.
However, you also could qualify when you leave school or are enrolled less than half-time.
My review of the leading student loan companies lead us to our top choices, all of which offer a variety of consolidation and refinance options.
Read through more information on student loan consolidation and refinancing.