Advantages to consolidating student loans
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Here are just a few of the benefits of student loan consolidation if you’re considering this as an option.Through consolidation, you’ll only have to make one single monthly payment to your consolidation lender, which is ideal if you’re someone who would rather be planning your next vacation than figuring out your monthly bill schedule.Between variable interest rates and high interest rates, your student loans could be taking a huge chunk out of your monthly personal budget.The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.Consolidation works best when your ultimate goal is to pay off debt.
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If you’re consolidating federal student loans into a private consolidation loan, you could lose some of the benefits associated with your federal student loans.