Most lenders will allow you to get a rate quote by pulling a soft credit check.
While not a guarantee of the actual rate you will receive, the rate quote is a good indicator of the interest rate you can expect to receive if you decide to apply with the lender.
Some want to reduce their monthly payment to making budgeting easier.
Borrowers with multiple loans may simply want to consolidate so they have one payment to make each month.
Students with demonstrated financial need are often awarded Direct Subsidized Loans which do not change interest as long as you are in school or in a deferment period.
Direct Unsubsidized Loans do not require borrowers to have demonstrated financial need and start to accumulate interest as soon as they are awarded.
When private lender interest rates are lower than those offered by through the federal loan program, borrowers can achieve significant savings over the life of the loan.Refinancing can save you money each month through lower payments, and save you money over the life of the loan through lower interest rates.Consolidating student loans with different payment amounts, due dates, and interest rates into a new loan with one payment, one amount, and one interest rate can make it easier to stay on top of your student loan obligation without a payment getting lost in the shuffle.When a rate is advertised as variable, it means that it could go up or down. The percentage rate charged on a loan is fixed which means you can be sure it won't go up during the duration of your loan.Refinancing and consolidating student loan debt can be a great way to save money and take advantage of today’s low interest rates.