Consolidating school loans interest rates
[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.
The tool shows you how much you’d pay per month on the various plans.
If you choose an income-driven plan, you’ll be asked to provide income information on the application by granting access to your IRS tax information.
You have to complete the application in a single session, so do your research before you start.
When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
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Federal loan servicers are private companies that manage federal loans for the Department of Education.