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In all cases, the consolidated student loan may have new terms, such as a lower monthly payment, but it may have a longer repayment period, which could mean paying more over the life of the consolidated loans.

Refinancing benefits Refinancing student debt means applying for a loan through a private lender, like Laurel Road, who pays down your student loan(s) and replaces it with the refinanced loan, which includes new terms.

The difference is that they can be used for federal loans, private loans, and a combination of both.

Consolidation benefits now vs then Consolidating federal loans may not save students the amount of money it used to.

Some helpful tools to make your decision include resources like Laurel Road’s student loan calculator, and this loan consolidation calculator from the nonprofit Mapping Your Future.

Repayment begins 60 days after the full disbursement of the loan, and any changes to the loan must be executed by the University’s Office of Student Financial Assistance within 14 days of disbursement of the loan. Federal regulations require credit checks for the graduate student applicants.

Refinancing refers to both private and student loans and can be done through a private lender.

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You can consolidate some student loans and refinance others.

For example, students can apply to have their monthly payments be based on their income, change their repayment plans, and may be eligible for debt forgiveness.

You lose those benefits if you refinance federal loans (which means going with a private lender) instead of consolidating them through the government.

Refinancing student loans can make sense if you are confident in your work prospects.

The terms are not as flexible as those that come with federal loan consolidation – the amount you agree to pay every month does not change. (The amount may change if you decide to refinance your student loan again.) Student Debt and Parent Plus Loans Parents can refinance their PLUS loans and may get benefits, like lower interest rates, which can lower their costs over the life of the loan.

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