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The cost of college debt is astronomical — which is why it makes perfect sense to get a private student loan consolidation to save money.

There is over $165 million of private student debt in the U.S. — with the average student holding $10,000 in debt. What’s even more intriguing is the high interest rate for private student loans. The average interest rate is around 6.8 percent, with some people reporting interest rates of about 12 percent.

Higher interest makes it harder for people to repay their loans. It also makes it more difficult for people to build wealth.

People paying high interest rates should absolutely consider getting a private student loan consolidation and refinancing.

The Benefits of Private Student Loan Consolidation

About $147 million in private student debt is eligible to be refinanced. However, some people still don’t take advantage of this great opportunity.

One report showed that refinancing a $50,000 student loan from 6.8 percent down to 4.82 percent can save someone almost $6,000 in 10 years. That’s a great way to build your wealth while cutting debt.

Refinancing student debt can be very beneficial. This process usually results in lowering your monthly loan payments. As another advantage of refinancing, you might be able to release a cosigner from the loan. Plus, by consolidating your debt, you will make the payment process easier for you.

The best way to refinance student loans is by searching for a lender who can help you.

Introducing the LendEDU Student Loan Refinance Comparison Tool

Instead of wasting time searching for the the best offer from a company that will refinance your student loan, LendEDU does the work for you. Their new comparison tool allows users to instantly receive the best offers for a private student loan consolidation.

The tool works by asking some quick questions such as your total student, your highest education attained and your zip code. 90 seconds later, you will receive offers from up to six lenders.

And the best part — by using LendEDU’s tool, your credit score will not be impacted. And, more importantly, you could save thousands of dollars by simply refinancing your student debt.

Click here to try the FREE LendEDU Student Loan Refinance Comparison Tool to see how you can save money: