Definition: To refinance private student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.
However, you also could qualify when you leave school or are enrolled less than half-time.The process of merging or combining one or more existing student loans into a new single loan with one repayment plan.Student loan consolidation helps with a primary goal of reducing monthly payment amounts or reducing the number of companies to deal with, or both. When you apply, you select a student loan servicer and a repayment plan (learn more about Any questions you have about your loan application should go to the student loan servicer you selected for your consolidation loan. You can apply electronically or get a paper application.