Earnest Disclosures To qualify, you must be a U. Those with federal loans government private through student Consolidating loans will probably give up certain benefits by refinancing with a private lender. Alternate Repayment Plans Some private lenders offer alternate payment programs to lower the monthly payment for borrowers having trouble keeping current on the loan. Do this before they send your debt to collections. However, there are a few twists in the LendKey program worth noting. This depends on where you are in the consolidation process. When do I begin repayment? You can also try talking to the current holder of your loans, to see if they'll reduce the interest rate on your loans rather than lose your loans loans government private through student Consolidating another lender. Fixed rates from 3. See eligibility details. The market for consolidating and refinancing student loan debt has exploded over the last five years. Repayment The repayment period on a student loan refinance begins immediately after the loans being combined are refinanced.