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For federal loans, the interest rate is determined by averaging all the interest rates on your current loans and then rounding up to the nearest one-eighth of 1 percent.

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In this guide: Each student loan refinance lender has its own specific underwriting criteria, so your approval odds may be higher at one lender than another.

Our detailed reviews of the best student loan refinance companies can help you better compare your options to ensure you find the lowest rate, friendly repayment terms, and more.

Wells Fargo (wellsfargo.com) should be considered, especially if you bank with banking giant For federal loans, Wells Fargo requires that you are graduated, the loans are in good standing and total over $20,000.

If you meet these requirements, no fees or credit checks are required to consolidate your federal student loan.

We help borrowers compare the best refinance and consolidation companies in one place.

All of the banks and lenders below allow borrowers to refinance student loans, as well as consolidate them during the process.

Consolidation combines all loans into one sum with one organization.

This means the student will only make one payment a month, and consolidating often reduces the amount paid each month by as much as 50 percent.

(Note: When mentioning student loan refinancing throughout this guide, it is implied that consolidation can be a part of the same process.) Both private and federal student loans can be refinanced with a private lender.

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