Student loan consolidation allows you to combine several existing student loans into one single new loan to lower your monthly repayments. Loan consolidation can be applied to both federal loans and private student loans. Note that there is a separate program for each of the two types of loans, you cannot combine federal and private loans into one consolidation program. It is possible to be eligible for loan consolidation when you have unfulfilled or overdue repayments.
If you consider consolidating your student loan, you should evaluate the cons and the pros and especially pay attention to the costs of repayment with and without consolidation! By all means consolidating your loan will be more expensive in the long term. Since, it will lower you monthly payment obligations but lengthen your repayment term.
Find below the most important advantages and disadvantages of student loan consolidation:
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