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“Lenders we work with report savings of ,000 to ,000 on average for borrowers over the course [of] repaying the refinanced loans,” he says. If you’re someone who struggles with repaying debt, you may rue the day you refinanced a federal government loan into a private one.But there are other reasons you may want to stick with your federal student loan.For starters, are you considering refinancing into a variable-rate private loan?While the interest rate might initially be lower than what you’re paying now, it could increase exponentially down the road.Tip: Sign In to save these choices and avoid repeating this across devices.

And about 3.6 million Americans, or approximately 1 in 6 borrowers, are defaulting on their student loans and haven’t made a payment in at least a year, according to the most recent numbers from the U. Which is why you may have found yourself wondering if you should refinance or consolidate your student loans. Understand the difference between consolidating and refinancing student loans.Another potential pitfall: You may lose some of the perks that come with federal student loans.“Borrowers who refinance federal student loans lose access to programs like income-based repayment, federal deferment or forbearance, forgiveness and more,” Josuweit says.It may have seemed like a decent loan when you first took it out, or perhaps it was the best you could do at the time.But if you’ve come to realize that you could refinance and get a loan with a significantly lower interest rate, then obviously, that’s a party you want to be invited to.

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