Should I consolidate or refinance my student loans? The options for consolidating your student loans vary depending on whether you are consolidating into a federal Direct Loan or a private student loan. There are benefits and downsides to each. If you have federal student loans, you have the option to combine some or all of your federal student loans into a Federal Direct Consolidation Loan (Direct Consolidation Loan), which could create some federal protections and help with the interest rates.
Source: CFPB Ask CFPB
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