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Federal income-driven plans adjust your monthly payments based on your income, but most private lenders don’t offer such options.

So if your income is unstable, it might not be wise to refinance federal student loans with a private lender just yet.

Federal loan consolidation doesn’t lower your interest rate, but refinancing with a private lender can.Depending on your creditworthiness and income, you could qualify for a more competitive rate.A lower interest rate could save you hundreds or thousands of dollars over the years.If you opt for federal loan consolidation, you could choose the standard 10-year repayment term or get on an income-driven plan.Income-driven repayment plans extend your term to 20 or 25 years, depending on the specific plan.

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