Student Loan Consolidation

Student loan consolidation can provide you with a number of benefits when you are dealing with student loans. Here are some things to consider about using student loan consolidation.

Lower Payment

One of the major benefits of student loan consolidation is that you can significantly lower your monthly payment. You are going to be consolidating several different student loan accounts into one loan. You could potentially extend the amount of time that you have to pay off the debt as well. This will lower your monthly payment and provide you with quite a bit of flexibility in your monthly budget.

Forgo Federal Benefits

Although you can lower your monthly payment, you will be forgoing specific financial benefits that you can receive by using federal loans. For example, federal student loans are known for their flexibility when it comes to repayment. If you cannot afford to make your monthly payments, federal student loan lenders will work with you to come up with a payment schedule. They will use tools such as graduated repayment plans and income-sensitive payment plans to help you out.

More Information

If you would like to check out some more information about student loan consolidation, be sure to look at https://www.loan.com/student-loans/your-student-loan-and-consolidation-when-to-refinance.html.


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