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If the current value of your home is greater than your current mortgage balance, it means you have equity in your home.

You may be able to use this equity to refinance your current mortgage and receive cash at a low interest rate to pay off your credit card debt.

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing.

However, refinancing to get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.

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The decision to refinance is a personal one—only you can decide if it makes sense for your unique situation. You may lower the risk of your interest rate increasing by looking for a lender that caps variable rates.

Please note, from here on out, we consider "consolidation" and "refinancing" the same thing.

All of these companies have been vetted by The Student Loan Report team for product quality, security, and customer experience.

Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.

You’re generally eligible once you graduate, leave school or drop below half-time enrollment.