Pros cons consolidating federal loans
If thoughts and questions about your college loan repayments stress you out constantly, you are not alone.Staying on track with loan repayments can be a challenge, especially when you consider that many people end up spending more on their student loan repayment than they do on everyday commodities such as groceries, rent and amenities.
The result is a single monthly payment instead of multiple payments. Leaving out your Direct Loans or Perkins Loans will preserve the benefits on those loans.
However, you must be careful and read through all terms and conditions carefully as in some cases, the rate of interest is higher than the sum of the originals.
Having a detailed discussion with your private student loan lender is crucial in order to understand the exact terms and conditions of your student loan consolidation.
With loan consolidation, you maintain one record of all your debts.
This makes it easier to remember and allows you to stay ahead of your payments.