Consolidating fed student loans
If you are struggling with student loan debt repayment options, ACCC can help sort out the confusion.Visit Consumer to learn more student loan repayment options.Single Monthly Payments – Consolidation simplifies the repayment process by consolidating multiple monthly payments into a single payment.Extended Repayment Term – Loan consolidation gives you an extension in the repayment term, which results in lower monthly payments and increased affordability.Many college grads with student debt have multiple loans that can be frustrating to deal with.Student loan consolidation takes all your loans and creates one new loan.
Consolidation does not always save you money or make the loan easier to repay.Lower Interest Rate – The interest rate for your new consolidated loan is based on the average interest rates of all your student loans.So, if your loans have a variable interest rate, you may get the consolidated loan at a fixed lower interest rate.Private student loans come directly from a private lending institution and can also be consolidated.However, Federal and private loans cannot be combined into one loan together.
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Student loan consolidation can be really helpful for individuals who are defaulting on their loan repayments due to financial hardships and are looking for an affordable option to get rid of their student loan debt.