Determine if refinancing or consolidating your student loan debt is right for you.
If you are struggling with student debt or just want to make it more manageable, refinancing or consolidating your student loans can help your financial situation. You may be able to refinance your student loan debt and reduce your monthly payment or lower your interest rate to make your loans more affordable. FAME is committed to helping you to be informed and make the best choice to manage your debt responsibly.
The Loan for ME is designed to help you:
- Determine – if refinancing is right for you and if so, how much you may want to borrow.
- Prepare – information to find the right loan option for you and what documents you may need to apply for a loan.
- Apply – with a local Maine lender.
Refinancing is the process of replacing an existing student loan(s) with a new loan that has new terms (e.g. interest rate, monthly payment, repayment period). Consolidation is a form of refinancing to reduce multiple loans into a new single loan with new terms. For practical purposes the term refinancing is used on this website to refer to both refinancing and consolidation of student loan debt.*
You may be eligible to refinance or consolidate private and federal student loans with the lenders in the Network if you meet certain requirements such as:
- You have at least $10,000 in student loans to refinance, which can include private student loans from other lenders and/or your federal loans like Direct, PLUS or Stafford loans.
- You are a Maine resident, graduate of a Maine high school or attended a Maine college or university; and
- You meet credit criteria for loan approval.
There are important steps you can take today before you apply to help you optimize the best refinance solution for your given situation.
IMPORTANT: When considering refinancing or consolidating student loan debt, it is important to understand that you are receiving a new loan with new terms, interest rates and benefits. None of the features of your old loans, whether private or federal, will carry through to your new loan. Federal student loans also provide certain benefits that may be unavailable with private student loans. The Federal Direct Consolidation Loan Program (FDCLP) offered by the federal government allows borrowers to combine any of their outstanding federal student loans into a single new loan. The fixed rate is based on the weighted average interest rate of the loans being consolidated. You should compare the terms and conditions of the FDCLP to any private consolidation loan you may be considering.
*You can consolidate or refinance federal and private loans, however there is a difference between consolidation and federal loan only consolidation. Learn more.