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Loan Consolidation / Refinancing

Loan Consolidation

A Consolidation Loan allows you to combine all of your federal student loans into a single loan. Consolidation loans have a fixed interest rate based on the weighted average of the interest rates of the loans being consolidated. Consolidation for student loans is only available after the student is no longer enrolled. Remember that although consolidation can simplify loan repayment, it can increase the total cost of repaying your loans. For more information visit and click on the In Repayment tab.

Private Loan Repayment/Refinancing

If you borrowed to pay for college, it is important to remember that student loans have to be repaid. Refinancing is one option to consider as you begin repayment.

Refi loans combine all your private student loans and possibly federal student loans into one loan and one payment with an interest rate based on your current situation. This option may reduce the amount you pay and/or provide a more manageable monthly payment amount.

Please Note: If you combine federal loans with private loans, make sure you clearly understand any impact to losing federal loan repayment benefits.

Comparing Refinance Options

INvestEd works with Indiana families to help them make responsible decisions in the refinancing process. The INvestEd Refi Loan Marketplace is a tool that allows you to compare actual rates from multiple lenders and provides the information needed to help you make the right decision.

Learn more about the INvestEd Refi Loan Marketplace

Important information as you consider refinancing:

  • Identify all your current loans (lender, servicer, type of loan, type of interest rate, borrower benefits, repayment options, etc.)
  • Understand that you may need a cosigner to refinance your loans
  • Refinancing is not always the best solution, so review the possible rates and overall costs to determine if this is the right choice for you.