Can you consolidate student loans more than once?

You can consolidate your student loans more than once in certain situations. You can also refinance private student loans multiple times, as long as you qualify.

By Robyn Conti

Written by

Robyn Conti

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Robyn Conti has been helping educate consumers and financial professionals about investing, retirement planning, and personal finance since 1998. Her articles have run in publications including Forbes Advisor, The Motley Fool, and Robb Report, among others.

Edited by Renee Fleck

Written by

Renee Fleck

Editor

Renee Fleck is a student loans editor with over five years of experience in digital content editing. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.

Updated April 12, 2024, 5:11 PM EDT

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Student loan consolidation simplifies repayment by combining multiple federal student loans into a single new loan. Consolidating federal student loans is beneficial if you want to lower your monthly payment, access alternate repayment plans, and keep borrower protections that only federal student loans offer.

If you have private student loans, consolidation is often referred to as refinancing, and it can help you secure a lower interest rate, saving you money on your loans. Note that refinancing federal student loans is generally not advised, as you'd lose valuable benefits like loan forgiveness and income-driven repayment plan options.

You can consolidate student loans more than once in certain situations, and it may be worthwhile depending on your goals.

How many times can I consolidate federal student loans?

You can consolidate federal student loans more than once if you have:

Eligible federal loans that weren’t previously consolidated — for example, if you already consolidated your undergraduate loans and borrowed additional loans for graduate school, you can consolidate the new loan into your existing Direct Consolidation Loan.
Previously consolidated loans under the Federal Family Education Loan (FFEL) program

You can reconsolidate an existing FFEL loan if:

Your loan is in default or delinquent and you agree to repay your new consolidation loan under an income-driven repayment (IDR) plan
You want to enroll in Public Service Loan Forgiveness (PSLF)
You’re an active-duty military service member who wants to pause payments on interest accrued on your loan for up to 60 months

Can I refinance student loans more than once?

You can refinance private student loans multiple times, as long as you meet the lender’s credit and income requirements. The upside of refinancing more than once is that you can lower your monthly payments and potentially reduce your interest rate even further.

While it’s possible to refinance previously consolidated federal loans with private student loans, it’s not always the best idea. Refinancing federal student loans means you’ll no longer be eligible for any government benefits, like income-driven repayment, forgiveness, and deferment or forbearance options.

To refinance student loans, you’ll generally need to meet the following criteria to qualify:

A good-to-excellent credit score: For most lenders, this means a score in the mid-600s or above.
Stable income: Some lenders have a minimum income requirement. For example, ELFI’s refinance loans require borrowers to have a minimum income of $35,000 to qualify.
A debt-to-income ratio below 50%: A low debt-to-income ratio (DTI) shows lenders that you’ll be able to manage your loan repayment effectively. Typically, a DTI of 36% or below is considered ideal.

If you don’t qualify on your own, consider applying with a cosigner to improve your chances of getting approved. A cosigner is often a family member who meets lender requirements and agrees to make the loan payments if for some reason you can’t.

4.44.4

Fox Money rating

Fixed (APR)

5.48% -

Loan Amounts

$10,000 up to total refinance amount

Min. Credit Score

680

Check Rates

on Credible’s website

View Details

Overview

Borrowers who graduated with at least a bachelor’s degree may refinance their student loans with ELFI. Every applicant is assigned a student loan advisor to help guide them through the process.

Students who wish to take over their parents’ PLUS loan may do so by refinancing with ELFI — something not offered by every lender — but spouses can’t consolidate their loans into a single refinancing loan.

Unfortunately, ELFI doesn’t allow borrowers to release cosigners, nor does it offer any rate discounts. However, borrowers who experience financial hardship may be eligible for up to 12 months of forbearance.

Interest rates

Fixed and variable

Minimum credit score

680

Minimum income

$35,000

Loan terms

5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing

Loan amounts

Minimum of $10,000 with no set maximum.

Cosigner release

None

Eligibility

Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.

4.64.6

Fox Money rating

Fixed (APR)

5.49% -

Loan Amounts

$5,000 - $250,000

Min. Credit Score

680

Check Rates

on Credible’s website

View Details

Overview

Founded in 2009, LendKey partners with 300+ community banks and credit unions to connect borrowers with the loans they need. You can compare multiple lenders at once without affecting your credit score.

However, the exact terms and qualification requirements available through LendKey vary depending on your chosen community lender. While you can easily compare options, you’ll need to read the fine print of each offer to make sure the loan offers everything you need.

Interest rates

Fixed or variable

Minimum credit score

680

Minimum income

Does not disclose

Loan terms

5, 7, 10, or 15 years

Loan amounts

$5,000 to $250,000

Cosigner release

Varies based on lender's terms

Eligibility

Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.

3.93.9

Fox Money rating

Fixed (APR)

5.85% -

Loan Amounts

$5,000 - $250,000

Min. Credit Score

670

Check Rates

on Credible’s website

View Details

Overview

INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.

However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.

Interest rates

Fixed or variable

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

5, 10, 15, or 20 years

Loan amounts

$5,000 to $250,000

Cosigner release

12 months

Eligibility

U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.

3.83.8

Fox Money rating

Fixed (APR)

6.00% -

Loan Amounts

$7,500 - $200,000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

Overview

EdvestinU is a loan program offered by Granite Edvance Corporation and offers affordable rates for refinance loans. Borrowers can refinance federal and private loans, and fixed and variable rate loans are available.

EdvestinU refinance loans are available to residents of about 20 states, and the lender has higher loan minimums and lower maximums than some competitors. Both of these factors limit who can (or might want to) refinance with this lender, but eligible borrowers do have various repayment term options.

Interest rates

Fixed or variable

Minimum credit score

700

Minimum income

Does not disclose

Loan terms

5, 10, 15, or 20 years

Loan amounts

$7,500 to $200,000

Cosigner release

24 months

Eligibility

U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.

Fox Money rating

Fixed (APR)

6.20% -

Loan Amounts

$10,000 up to the total amount

Min. Credit Score

670

Check Rates

on Credible’s website

View Details

Overview

Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.

Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.

Interest rates

Fixed

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

7, 10, or 15 years

Loan amounts

$10,000 up to your total debt

Cosigner release

None

Eligibility

Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.

3.73.7

Fox Money rating

Fixed (APR)

6.34% -

Loan Amounts

$7,500 - $250,000

Min. Credit Score

680

Check Rates

on Credible’s website

View Details

Overview

Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.

RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.

Interest rates

Fixed

Minimum credit score

680

Minimum income

$40,000

Loan terms

5, 10, or 15 years

Loan amounts

$7,500 minimum up to of $250,000, depending on degree

Cosigner release

None

Eligibility

Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.

4.74.7

Fox Money rating

Fixed (APR)

6.49% -

Loan Amounts

$10,000 - $750,000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

Overview

Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.

Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.

If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.

Interest rates

Fixed or variable

Minimum credit score

700

Minimum income

Does not disclose

Loan terms

5, 7, 10, 15, or 20 years

Loan amounts

$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees

Cosigner release

36 months

Eligibility

Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.

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Benefits of consolidation

Simplify debt repayment: With consolidation, you have one monthly student loan payment instead of juggling multiple loans.
Potentially save money on interest: Consolidating private student loans into a new refinanced loan might get you a lower interest rate, saving you money on interest charges. Refinancing a second time can potentially reduce your interest rate even further.
Lower your monthly payments: Depending on your total federal student loan debt, consolidation lets you extend the time to pay back your loan up to 30 years. You’ll lower your monthly payment, but increase the repayment period and pay more interest overall.
Access new benefits and repayment plans: When you consolidate federal loans, you can choose an income-driven repayment plan or qualify for forgiveness programs, like Public Service Loan Forgiveness.

Drawbacks of consolidation

You might not save money: If you don’t have great credit or access to a cosigner with strong credit, private student loan consolidation might not make sense, since you likely won’t qualify for a lower interest rate.
You might pay interest for longer: Consolidating federal loans can help you lower your monthly payment by extending your repayment period — but a longer repayment timeline typically means you’ll owe more in interest charges over time.
Your principal balance might increase: When you consolidate federal loans, any unpaid interest gets tacked onto your principal loan balance in a process called capitalization, increasing the total amount you owe.

Alternatives to consider

If you don’t qualify for consolidation but want to take advantage of a longer repayment period and lower payments, consider one of the following alternatives:

Income-driven repayment: These plans base your monthly payment on your income and family size. Income-driven repayment (IDR) plans offer flexibility and potentially reduce your payments, especially if you’re unemployed or experiencing financial hardship. Most federal student loans are eligible for an IDR plan; defaulted loans are not.
Forbearance: You can pause or reduce your federal student loan payments for up to 12 months. Forbearance must be approved by your loan servicer, and you’ll still be responsible for paying the interest that accrues on the loan.
Deferment: Deferring your loans allows you to suspend payments temporarily. Interest won’t accrue during the deferment period if you have a subsidized federal student loan or Perkins Loan. This option is available if you’re back in school, unemployed, or struggling to make your minimum payments.

Note:

Deferment and forbearance periods don’t count toward student loan forgiveness. You won’t make progress toward forgiveness until your payments resume.

Bottom line

If you meet the requirements, consolidating your student loans more than once may be a smart way to help make your monthly payments more manageable. If not, consider other repayment options, such as refinancing, income-driven repayment, forbearance, or deferment.

Frequently asked questions

When can you start consolidating student loans?

Federal student loans are typically eligible for consolidation after you graduate, leave school, or drop below half-time enrollment. Loans must be in repayment or in a grace period.

Can I consolidate an existing consolidation loan?

You can consolidate an existing consolidation loan in specific situations. For example, if you want to include an eligible federal loan that wasn’t part of a previous consolidation, you can go through the process again.

When does repayment start for consolidated loans?

On average, student loan consolidation can take a few weeks to a few months. Your loan servicer will let you know when your first payment is due on the new consolidation loan — generally 60 days after the funds are disbursed.

Meet the contributor:

Robyn Conti