Student loan consolidation makes sense, but federal, private debt has different rules
Student loan consolidation makes sense, but federal, private debt has different rules
When you consolidate your student loans, you wrap all the money you’ve borrowed throughout college into one, bigger loan. So you won’t have to keep track of multiple loans.
In addition, you can repay a consolidation loan over a longer period (as much as 30 years compared with 10 or 15 for standard repayment), which lowers the monthly payment.
Now the fine print: While you can consolidate federal and private student loans, you can’t bundle them together. Like matters of church and state, you have to address federal and private loans separately.
Consolidating federal education loans is relatively easy. You qualify regardless of the size of your loans, and there are no credit checks and fees. Also, the interest rate you pay — a weighted average of the rates on your federal loans with a cap of 8.25 percent — is fixed.
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