 TITLE: How to Choose the Best Student Loan Repayment Plan for You CONTENT: Consolidating or Refinancing Your Federal Student Loans\n-------------------------------------------------------\nAs previously mentioned, consolidating your federal student loans and keeping them with a federal servicer can simplify your monthly payments. However, it will end up costing you more in the form of a higher interest rate.\nAlternatively, you can refinance your federal loans with a private lender. If you have a strong credit history and income profile, you may be able to qualify for a lower interest rate than what you're currently paying.\nThat said, refinancing with a private lender means that you lose federal benefits, including access to income-driven repayment plans and loan forgiveness programs. So it might not be a great option if you want to hold on to those protections. But if you're not worried about needing them, refinancing could save you money in the long run.\nIf you're planning to go this route, be sure to check your credit scores beforehand to make sure you're in a good position to qualify. END