True or False? I can consolidate my student loans to get a lower rate

We sometimes hear “consolidation” and “refinancing” used interchangeably when talking about loans, specifically student loans. And they are similar! But they’re not the same and you need to know the difference before you choose which route is right for you. Both refinancing and consolidation can simplify your situation; substituting one new loan for the multiple loans most people leave school with. Both can alter the term (length of time it takes to repay) of your loans and therefore lower your monthly payment. But only one can get you a better interest rate. Want to know which one? Watch a short video explainer here.