Consolidate consolidating consolidations loan loan student student

You can lock in a fixed, lower interest rate for the life of the loan and not have to worry about rate hikes over the years.

As with everything else in life, there are pros and cons to consider.

Below, let’s take a look at reasons to consolidate and reasons not to consolidate.

This is usually the main point of consolidating loans, and one that could greatly help accelerate your debt repayment.

If you wrap several loans together and one has a high interest rate to begin with, it could end up making the interest rate for the consolidation loan higher than necessary — and cost you money.

Several months and many postage stamps after graduation, I got frustrated with the number of checks I had to write out each month (and the number of deadlines I had to keep track of in my head).

At around the same time I saw an advertisement for student loan debt consolidation.Sometimes consolidating your student loans will allow you to get a lower total monthly payment (although this can also lead to a longer repayment term).If you’re in need of lower monthly payments, consult with your lender and also check out this Student Loan Debt resource center.Even if you have several federal student loans and several private loans, you could consolidate the federal loans together, and then consolidate the private loans together, leaving you with only two lenders and two piles of debt to deal with (you cannot typically consolidate federal student loans with private student loans).A second and very common reason to consolidate your student loans is to take advantage of lower interest rates.But it can be hard to know what the right answer is.

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