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When you consolidate several loans with various interest rates make sure that the new loan has a lower interest rate than the average interest rate of the various loans.If you can't come to a lower rate you may consider to arrange only the high interest loans and leave the law interest loans out of the program.
So you are a student and you have a debt burden, you owe money to several lender and you are now considering consolidate student loans and you are looking into the subject of consolidate student loans. you only have to deal with one lender instead of several, that means only one payment per month instead of having to pay several monthly payments. A well planed and constructed program can result in lowering your monthly payment 3.
To consolidate student loans means also in many cases coming to an overall lower interest rate.
This calls for a lot of shopping around and carefully evaluating lending services, but it is an achievable task.
People usually consolidate or refinance their student loans to lower and/or simplify their payments. This question will vary by borrower, but the benefits the borrower realizes will heavily depend on the type of consolidation or refinancing they are considering which is contingent on what types of loans they have.
Consolidating student loans can be especially helpful to Both types of consolidations reduce the headache of having to keep track of multiple student loans which can reduce the risk of accidental default, but generally the similarities stop there.