Is consolidating your student loans a good idea Free cam to cam chat no sign ups
Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.
Consolidating your federal loans will give you the opportunity to consolidate multiple loans into one (lower) monthly payment, and also let you choose a new repayment term and repayment plan.
Refinancing your loans can lower your interest rate and your monthly payment.
Federal loan consolidation can lower your monthly payment if you extend your loan term, but stretching out payments over a longer time period without an interest rate reduction can increase overall repayment costs.
And if you have any Parent PLUS loans, consolidating those with your other federal loans will mean you might lose access to certain repayment plans.
Remember to keep making your loan payments in a timely and consistent manner until your consolidation application is approved!