 TITLE: 3 Ways to Get Help With Student Loans CONTENT: 3\\. Consolidate Student Loans\n-----------------------------\nFederal student loan consolidation will qualify certain loans for income-driven and forgiveness programs. It's also a way to lower payments on its own by extending your repayment term.\nWhen you consolidate federal loans, the government turns multiple loans into one and gives you a new fixed interest rate that's a weighted average of your previous loans' rates, rounded up to the next one-eighth of 1%. Consolidation won't save you money on interest, but depending on your balance, you'll have more time to repay the consolidation loan—up to 30 years—and your monthly payment may decrease. When you're in need of a much lower monthly payment, though, income-driven repayment may be a better option, since it includes forgiveness.\nPrivate student loan consolidation, or refinancing, can also lead to a lower monthly payment or interest savings over time. It's when a private lender pays off either private or federal student loans and provides you with a new one at a lower interest rate, which is based on your credit and income.\nRefinancing isn't a good choice for borrowers struggling with loans, since you'll need to show strong income and credit to qualify for the lowest interest rates. Plus, refinancing federal loans will disqualify them from programs like income-driven repayment and forgiveness. Consider refinancing just high interest private student loans, if possible, or waiting until your finances are more solid. END