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I consolidated my undergraduate and student loans during a special "deal" the government was giving about ten years ago that locked in my rate at 6.8%. Since then, I also have taken on a bit more student loans for my teaching credential. I was approved for a grant by the state to pay off the loans from my credential program because I'm teaching mathematics, which is a shortage area in my state. So I'm less concerned about those loans. But I'm curious what my options would be for refinancing my original debt at today's interest rates. I seem to remember something about how I couldn't reconsolidate with the government direct program since I already did that. Would a private lender be my only option to refinance? And if so, what kind of rate should I expect now, and what are the downsides to refinancing with a private lender?
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