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Check My Eligibility The Direct Consolidation Loan program is for federal student loans only.

This free program combines the balances of your existing federal student loans into a new, single loan with an interest rate based on the weighted average of the loans you want to consolidate and rounded up to the nearest one-eighth of a percent.

This is where the terms can get a little confusing.

To qualify, you must have a strong credit profile and employment history, and proof of income.

Student loan refinancing involves taking out a new loan to pay off one or more existing student loans, often at a lower interest rate.

An interest rate reduction may not necessarily be achieved through consolidation (especially through the federal program), but may be achieved through student loan refinancing; typically offered by a private lender.

Definition: To refinance student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.

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