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And once consolidated, they usually have variable interest rates, O’Connor says. Consolidating private student loans when interest rates are low (like now) “could potentially save thousands of dollars.” It also means your interest rate can fluctuate higher as the years tick by.
Unlike federal loans, it can be trickier to get your private loans consolidated.
Here’s what you need to know before deciding to consolidate student loans.
Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.
You'll also be able to view your application's progress on your account.
A Direct Consolidation Loan allows you to combine multiple federal education loans into one loan.
Along with gaining a new degree, many graduates will also leave campus with new student loan payments they’ll have to fit into their post-graduate budgets.
You may pay more in the long run, but for now, you’ll be able to make just one monthly payment – and it may be considerably lower than your current loan payments.