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This is especially true for student loans, as even private lenders may offer a few perks not available for other kinds of debt, such as a grace period or forbearance.For refinancing student loans, you need to have a full idea of what both your current lender and your possible new lender are offering you so you can be sure you are not forgoing any relevant benefits.Direct Consolidation sets a fixed interest rate based on a weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%, capped at 8.25%.Click here if you are looking for information on the Special Direct Consolidation loan .Chances are that in-school deferment will be available if you are creating a new student loan, though you should carefully check on this with each lender you are considering, including possible limits on the deferment term. If you refinance federal student loans, you will almost certainly give up access to the unique benefits that the federal government provides, such as flexible repayment and forgiveness.If you think there is a possibility that after graduation you will 1) need, based on your income, to extend your repayment term to lower your monthly payment or 2) both enter a career field (e.g., public service) that is eligible for forgiveness and want to take advantage of that option, you should probably not refinance your student loans at this time.To qualify, a federal loan borrower must have at least one Direct Federal Stafford, Grad PLUS, Parent PLUS, or Consolidation Loan AND at least one Federal Family Education Loan (FFEL), Federal Stafford, Grad PLUS, Parent PLUS, or Consolidation Loan.Please be aware that other federal loans, such as Perkins Loans, Health Education Assistance Loans (HEAL), Health Professions Student Loans (HPSL), Nursing Student Loans (NSL), and Loans for Disadvantaged Students (LDS) cannot be consolidated through the Special Direct Consolidation Loan but may be included in the Traditional Direct Consolidation Loan.

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Based on the amount of federal student loans you combine, you may be eligible for up to 30 years to repay your student loans.Current graduate students with student loans from undergrad or grad school may be looking at these new options with great interest, especially because of pervasive advertising by one of the industry leaders.But is student loan refinancing advisable or even possible for graduate students?That isn’t to say that you should never refinance federal student loans.

If you are confident you won’t need any of the flexible repayment options, getting a lower interest rate on the debt now makes more sense than preserving the option to lower the monthly payments.When your student loans are deferred, no payments are due, though interest will still accrue if the loans are unsubsidized.