Rate - and - term refinancing pays off an existing loan with a new loan, continuing to use the current home as collateral. (frontporchblog.com)
If you choose to consolidate your federal loans, the federal government pays off your existing loan balance and replaces your loans with a direct consolidation loan. (cedaredlending.com)
You need to finish paying off the existing loan before you can apply for another one. (kingofkash.com)