Refinancing or Consolidating Student Loan Debt

Are you looking to create a better student loan repayment situation for yourself by refinancing a student loan or consolidating multiple student loans?

Refinancing student loans into a new loan to lower monthly payments and/or lower interest rates may be the right fit for some. For others, consolidating their various student loans from potentially multiple lenders can create a convenient single monthly payment.

Private education refinance/consolidation loans offered by banks or credit unions allow borrowers to combine their outstanding private and/or federal student loans into a single new loan. The interest rate on a refinance or consolidation loan is based on credit criteria set by the lender, which can include credit scores, debt-to-income ratio and annual income level of a borrower and, if applicable, co-borrower.

Learn more about borrowing smarter:

Things to Consider and Steps to Take Before Refinancing or Consolidating

Things You Should Look for from a Lender

Frequently Asked Questions



These local Maine Lenders offer loans with variable interest rates to help refinance or consolidate student debt.

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.