When you refinance student loans, you receive a new student loan, which is used to repay your existing federal student loans, private student loans or both. Student Loan Consolidation: How It WorksRule #10: Federal student loan consolidation is a tool that enables you to combine your existing direct, federal loans into a single Direct Consolidation Loan. Student Loan Forgiveness: How It WorksRule #23: Public Service Loan Forgiveness and Teacher Student Loan Forgiveness are two primary ways to receive student loan forgiveness if you work in these fields. While there is no private student loan forgiveness, you can still receive forgiveness for your federal student loan and refinance your private student loans. If you're unsure where to start, this student loan repayment quiz creates a free, customized student loan repayment plan in less one minute to help you understand your options.

Source: Forbes January 16, 2020 13:30 UTC