Consolodating student loans

22-Jun-2020 17:39

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Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.The definition of loan consolidation in a nutshell, is this: One loan, one payment, one lender.WPCU offers a Private Consolidation loan, which allows you to combine multiple private student loans into one, or refinance a single private student loan from another lender.In some cases you may be able to lower your interest rate and save money over the life of your loan.The trade off is that because you repay the debt over a much longer period, it will cost you more over time to repay, even at a lower interest rate.

Depending on the structure of your consolidation loan, you may be able to lower your monthly payments or save interest in the long run by paying your loan back sooner.

Learn more about when to consolidate and refinance federal and private loans.

Student loans usually appear on a credit report as multiple loans, but that doesn’t look bad to lenders.

The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.

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One of the best places to start looking is the federal Direct Consolidation Loan program.The result is that you now have a single student loan payment that is lower than it was with multiple outstanding loans.