10 student loan refinancing myths that could be costing you big time

Just as there are student loan myths floating around, there are just as many regarding student loan refinancing.

Consolidation and refinancing are not the same thing, though the concept seems similar — a lender takes your loans and combines them into one.

Consolidation and Refinancing Are the Same

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Federal Student Loans Are Better than Private Student Loans

Private student loans can offer perks that may pleasantly surprise you when you start shopping around.

Refinancing Federal Student Loans With a Private Lender Is a Bad Idea

Refinancing may be a good idea if you can find a private lender that offers a lower interest rate than you’re currently paying.

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If you run into trouble, it’s always a good idea to contact your private lender to learn about all of your repayment options.

Refinancing Takes Away Repayment Flexibility


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