Student loan refinancing is a hot topic these days, and the number of companies offering the service is growing by leaps and bounds.
According to Goldman Sachs, about $211 billion in student loan debt is estimated to qualify for refinancing but only 2% of those borrowers have actually taken the refinancing plunge. With huge profits on the table, over a dozen banks and private companies have jumped into the market over the past few years.
On the other side of the coin is student loan consolidation, the ability for a federal student loan borrower to combine multiple federal student loans into a single obligation. Consolidation is handled solely by the U.S. Department of Education, and can be used solely for federal loans.
With that in mind, today’s episode of the show helps you understand the 10 biggest ways student loan consolidation differs from refinancing. It will help you make a more informed decision about which option is best for you, and the benefits and burdens of each.
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