And each of these options comes with pros and cons. You won’t need to borrow against any collateral like your home, but you will probably pay more in interest.
Perhaps a Homeowner Consolidation loan is the way to go instead?
They’re considering a refinance of the loans and just received an offer in the mail from a private company offering to do that for a lower rate. Dave lays out some guidelines for doing a refinance.
ANSWER: The private company would be facilitating you in doing a refinance of your government loans; I don’t think it’s going to become a private student loan. First, you are only able to do a Sallie Mae refinance one time.
Debt consolidation is not for everyone – especially through a company specializing in consolidating debt – which is usually expensive, costing you hefty fees for their service.