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Nitro Knowledge. Your Guide to Paying for College.


When you’re drowning under the weight of high student loan payments, managing your budget can feel like a tightrope walk.

Consolidating your private student loans may be a smart way to get some relief from burdensome bills, but there are facts to consider before you take the plunge.

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Some say more is better, but less is okay too, especially if you’re talking about student loan payments.

Consolidating loans – meaning you combine multiple loans into one new loan with one new monthly payment — can simplify your student loan debt management. 

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Refinancing and consolidation are two ways to make student loans more manageable.

Refinancing is a strategy that can help you save money, while consolidation can simplify your student loans and result in other potential benefits.

Your best option depends on your goals, financial circumstances and current student loan debt.  

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Do you know the difference between consolidating and refinancing your student loans? If you don’t, you’re not alone. 

The two words are often used interchangeably and, we admit, they have somewhat similar meanings. However, they can have a very different impact on your student loans. 

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It’s not unusual for people to talk about student loan refinancing and consolidation like they’re the same thing, but they’re not.

When you refinance, you take out a new loan with a private lender to replace many different private and federal loans. When you consolidate, you’re combining multiple federal loans into a single loan—a Direct Consolidation Loan with the federal government.

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In a perfect world, you'd be able to make your student loan payments on time every month. In fact, you'd pay extra.

But in reality, all of us can find ourselves with less cash than we need to pay the bills. If you've been struggling for long enough that your student loans are in default, you're probably looking for a way to get back into compliance with the terms of your repayment plan. Student loan rehabilitation may be your answer.

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