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This can be attractive to borrowers because the consolidation frequently results in longer repayment periods and lower monthly payments.
When it comes to consolidation, the types of loans you have matters, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal student loans."The interest rate on (federal) consolidation loans is an average of the interest rates on the (federal) loans you're consolidating," says Ken O'Connor, director of student advocacy for Fynanz, a New York City firm providing technology for the private student loan market.
Even though student loans are not what they used to be and they are no longer seen as an absolutely safe solution to financial difficulties, depending on your specific financial situation, consolidating your student loans may still bring you certain benefits.
For instance, if you are dealing with a number of student loan payments, consolidating your student loans can really make your life a lot easier by simplifying your payments to just a single monthly payment.
If you're in the market to consolidate and better manage your student loans, National Debt Relief should be your first choice.
So Fi (which is pronounced "SEW-fi", short for "SOcial FInance") is one of the most innovative resources available for both federal and private student loan consolidation.
As you already know, there are mainly two ways to consolidate your loans.By consolidating your student loans into a single larger loan, you may also be able to get better loan terms, including a lower interest rate on your new loan.Below, we will look at some of the advantages and disadvantages of consolidating student loans so that you will be better equipped to make the right decision for your financial future. Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks. Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.