This month, I’ll be writing full articles answering questions that have been asked by my clients and Money Circle members. One question that comes up consistently is this: how can I consolidate my loans, and what are my options? Debt consolidation can be a great option if your monthly payments are high, or if you feel like you have too many different accounts to pay each month. Options will differ based on your personal situation, so there isn’t a one-size-fits-all solution. This post will also talk a little bit about student loan refinancing, which is sometimes called “private student loan consolidation”.

Options will differ based on your personal situation, so there isn’t a one-size-fits-all solution.

The Difference Between Consolidation and Refinancing

Debt consolidation and debt refinancing are two different things and they have different outcomes. And based on your financial situation, one may be better for you than the other.



Why You Might Want to Consolidate

The Pros and Cons of Consolidating

There are pros and cons for any financial decision. The important thing is to weigh both sides of the coin and figure out what makes the most sense for you. What might be right for someone else, might not be right for you. So it’s imperative that you look at your lifestyle and needs and make a decision based on them.



How You Can Consolidate

Visit There, you can apply for a consolidation loan and sign a promissory note. You will need all of your student loan account information for this. You will also choose which loans you wish to consolidate. At this time, you will choose which type of repayment plan you want once the consolidation is complete. Make sure you look into the different repayment options first. Once you submit your application, continue making your monthly loan payments as usual until you get confirmation that the consolidation is complete.

If You Decide to Refinance Instead

Perhaps after reading this article, you decide that loan consolidation won’t actually help you, and you want to refinance instead. That’s great! That means you have received information that shows you what is right for you. But how should you go about doing that?

Regardless of what you decide, make sure you do your research and weigh the pros and cons. It can be scary to make big financial decisions, but it gets a little bit easier if you’re moving forward as informed as possible. And make sure you’re doing what’s best for you, not just doing what you think you should do, or what other people are doing.

Companies that Refinance Your Loans:

This is not a complete list. It’s just a way to get you started on your research. See the other resources below for in-depth comparisons for many of the different companies and what their rates and requirements are.

Other Resources: