So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Private consolidation is often referred to as refinancing.
These processes are often confused, but they’re very different.
Private student loan consolidation, or refinancing, means replacing multiple student loans — private, federal or a combination of the two — with a single, new, private loan.
You’ll save money if your new loan has a lower interest rate.
With an average balance of $28,400, student debt is a big part of the average college graduate's life.