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And cons of consolidating debt

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These articles provide you with factual information only, and are not intended to imply any recommendation about any financial product(s) or constitute tax advice.

If you require financial or tax advice you should consult a licensed financial or tax adviser.

Many students graduate with more than one student loan, and some graduate with as many as a dozen or more.

If you currently have multiple student loans, you could benefit from a consolidation loan on your student debt.

They temporarily save interest, but they don’t change the habits that got them into debt in the first place. You max out a credit line on one side to pay off all your other debts, but then find yourself with a new stack of other debts that you now cannot pay.

As risky as debt consolidation can be, it does pay off if you can be disciplined and work your debt payoff plan.

That means that you have various loans, and all of them have a 10-year repayment schedule. I got a lower rate and a lower payment, since my total repayment term had been extended to 25 years.

and cons of consolidating debt-45and cons of consolidating debt-53

Here are some pros and cons to help you make an informed decision.

Loans that can be consolidated include direct subsidized and unsubsidized loans, subsidized and unsubsidized Stafford loans, direct PLUS loans, SLS loans, Federal Perkins loans and Health Education Assistance loans, among others.

Private education loans are not eligible for consolidation.

You may be able to extend your repayment terms, pay a lower average interest rate, reduce your monthly payment amount, fix your interest rate or simply benefit from having a singular, simplified and streamlined monthly payment amount.

However, loan consolidation is not always the answer.

Consolidating your debts down into one payment save you significant amounts of interest if you use the right consolidation tools.

Imagine taking a bunch of credit cards with 20% interest rates and dropping them to a 10% consolidation loan rate.

Debt consolidation is where you take a bunch of varied debts, varied interest rates, and varied minimum payments and pay them all off with one giant chunk of money.

You borrowed the giant chunk of money, but using it allows you to have one bill, one creditor, and one interest rate.

When I finished my graduate degree, I had five different student loans for attendance at two different universities, with various interest rates.

On top of that, most federal student loans have 10-year repayment terms, starting from six months after you graduate from college.