Cons of consolidating student loans
So, the longer you wait to consolidate, the longer you will pay off your student loans.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " There are two types of student loan consolidation: federal and private.
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If you are going to consolidate, you should probably do it during your first year or two of repayment; otherwise, it might not be worth it.
Remember, your Consolidation loan is a new loan, not an extension of your older loans.
If you're currently repaying your student loans, you may have identified some problems with the process.