Benefit of consolidating student loans

Consolidating those loans into a single new one can simplify your payments, especially if your loans are with different loan servicers, the companies that oversee your payments.

Private education loans are not eligible for consolidation.

Once you leave the federal program, you can’t return and are no longer eligible for one of its income-driven repayment plans.

Private consolidation is a completely different story, though.

But that hasn’t been the case for the past decade, since the government stopped issuing student loans with variable rates.

If you consolidate your loans now, your new rate will be based on a weighted average of all your loans’ interest rates.

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You may be able to extend your repayment terms, pay a lower average interest rate, reduce your monthly payment amount, fix your interest rate or simply benefit from having a singular, simplified and streamlined monthly payment amount.

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