What is student loan consolidation?
If you’re like many borrowers, you probably have multiple student loans – some of which could be private loans or federal loans. Did you know that you can bundle your student loans into one loan? If this thought is appealing, consider consolidating your federal student loans with the federal government. It’s an option that could help simplify your life.
When you consolidate student loans into one, your interest rate won’t change. Instead, you’ll pay a fixed interest rate based on the weighted average of the rates on your previous loans, which is then rounded up to the next one-eighth of 1%.
Let’s look at the pros and cons of consolidating your federal student loans and see if it’s a right choice for you.
Learn the advantages of combining your federal student loans.
There are no credit or income requirements
Anyone with federal student … Read more