Student Loan Consolidation: Pros and Cons
News Consolidate Your Loans Consolidating your student loans can save you time and money. Find out how to consolidate and pros and cons of each path. Choose Your Debt Amount By clicking this link, you will be directed to the website of one of our affiliates who specializes in student loan financing. Student loan consolidation vs. But those are two very different things with very different pros and cons. With respect to student loans, consolidation specifically refers to the Federal Direct Consolidation Loan program, which essentially allows you to turn one or more federal student loans into a different kind of federal student loan. The main reason you would consider consolidation is it may give you access to the best federal student loan repayment plans. On the other hand, refinancing means taking out a new private loan to replace one or more federal or private student loans.
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If you've got an enormous amount of college debt, student loan consolidation might help make it more manageable. Find out if consolidation is the right fit for you. How consolidation works Consolidation simplifies your student loan debt into a single loan.
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What Is Student Loan Consolidation? If you have more than one federal student loan and are looking for a simpler way to organize your repayment strategy, you may be able to combine your loans with a direct consolidation loan. The new interest rate is determined using a weighted average of your original loans. You repay your old loans with this money and then have the one, new loan to pay. When you refinance, you also receive a new loan to repay your debt, but from a private lender instead of the government.❿❽
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