One effects consolidating your student loans
But before you head down that road, here’s what you should know.
If like many college graduates, you have multiple student loans, you’ve probably heard the term “student loan consolidation” thrown around more than once when talking about repayment options.
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All products are presented without warranty." Graduating from college comes with the acknowledgment of great achievement — and, if you’re like 70% of graduates, a burden on your back in the form of student loan debt.
Some people may want to refinance all their loans, and for other it may make sense to only refinance some of them.
When you refinance federal loans and private loans into a one new private loan you will no longer be eligible to use one of the government’s income-based repayment programs.
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There are both benefits and drawbacks to consolidating your loans, which we’ll discuss in this article.
Choosing to consolidate your loans is an individual choice and the right decision will depend on the specifics of your loans — the types of loans, interest rates, balances, borrower benefits, and more — as well as your current financial situation.