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We’ve created this guide to help borrowers better understand the emerging student loan refinancing and consolidation industry.In short, when you refinance your student loans, your new lender will pay off your old loans and issue you a new one.All of these companies have been vetted by The Student Loan Report team for product quality, security, and customer experience.A consolidation loan is just what it sounds like: You can take two or more outstanding loans and refinance them into one.One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.

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Here's what you need to know before deciding to consolidate student loans.

When it comes to consolidation, the types of loans you have matters, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal student loans."The interest rate on (federal) consolidation loans is an average of the interest rates on the (federal) loans you're consolidating," says Ken O'Connor, director of student advocacy for Fynanz, a New York City firm providing technology for the private student loan market.

Even if your rates seem high, t he Department of Education puts a cap on consolidation loan rates at 8.25 percent.

In America, student debt is the second largest class of consumer debt.

Unfortunately, our nation’s education system, politicians, and students haven’t figured out a solution.

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