Loan Consolidation and Refinancing are two components of the American student loan industry. People generally get confused between the two and use them interchangeably. In reality both of the terms have completely different implications. Therefore it becomes important to get familiar with the terms before you discuss them with customers. Loan consolidation is condensing multiple loans into one single loan. Federal loan consolidation is offered by the government and is available for most types of federal loans. In this option the borrower is simply charged the weighted average interest rate of the loans being combined. It may help save money in certain conditions based on the loan amount and
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