If you’re The closest you could come to accomplish this is to “take out a personal loan and use that personal loan for each of those debts,” De Gisi says.
This would allow you to replace your existing debts with a single, new loan.
If you’re hoping to consolidate student loans and other debts into the same loan, don’t expect to pay lower interest on the new loan.
“When you apply for the student loan refinance and apply for their personal loan — those are two separate functions and you’ll get two hard credit pulls that will go on your credit,” De Gisi points out.
“The first inquiry could lower your credit score, and impact your ability to get approved for the second application.” On the other hand, consolidating credit card debt could help other factors that lenders consider when approving a student loan refinance, De Gisi said.
The bottom line is that consolidating student loans and credit card debt together likely isn’t the most cost-effective way to restructure debt. Refinancing student loans, for instance, could get your a lower rate.
This could help you pay off debts faster, or lower your monthly payment.