	Student loan consolidation	Student loan refinancing
What does it do?	Combines multiple federal loans into one federal loan.	Combines private and/or federal loans into one private loan.
Which loans can I combine?	Federal loans only.	Private and/or federal loans.
Can I lower my rates?	No.	Yes.
Can I save money?	No. Consolidation may lower your payments by extending the loan term, but your interest amount will increase.	Yes.
Can I access federal loan protections, repayment options and forgiveness programs?	Yes.	No.
Will I pay just one monthly bill?	Yes.	Yes.