Refinancing replaces multiple student loans with a single private loan at a lower interest rate. You can choose a new loan term that’s shorter than the one you originally received. That may increase your monthly payment, but it will help you pay the debt faster and save money on interest. You’ll also have just one bill to pay, rather than multiple.
Receiving federal student loans like the Direct Subsidized and Direct Unsubsidized Loans starts with completing the FAFSA, or Free Application for Federal Student Aid. You can perform the entire process online at the FAFSA website. Some loans are awarded based on your family’s financial need, so you’ll want to gather the following pieces of personal and financial information when applying:
There is a narrow window (billing cycle of between 21-25 days) to avoid interest charges if balances are paid in full. Loans may be deferred until after graduation, or interest-only payment may be made during school. If you don't pay the interest, it will be added (capitalized) to your loan balance following the grace period, at the start of repayment.

Fixed rates currently run from 4.99 to 10.49% APR. LendKey is able to offer better than average rates because of the unique funding model. Credit unions are not for profit financial institutions, so they tend to offer more favorable rates and fees for all available products. With LendKey in the middle, you get a simple, high-tech experience with the savings and community power of a credit union.


Fixed rates currently run from 4.99 to 10.49% APR. LendKey is able to offer better than average rates because of the unique funding model. Credit unions are not for profit financial institutions, so they tend to offer more favorable rates and fees for all available products. With LendKey in the middle, you get a simple, high-tech experience with the savings and community power of a credit union.
Due to routine system maintenance, the StudentLoans.gov website is unavailable from 3 a.m. ET until 11 a.m. ET on Sunday, December 8, 2019. You may not sign master promissory notes, complete counseling or TEACH Grant processing flows, or submit Loan Consolidation applications or Income-Driven Repayment Plan requests. Please attempt to log in to the website after the outage period ends. We apologize for any inconvenience this outage may cause and appreciate your understanding and patience while we complete this important activity.
×