Is there a benefit to consolidating student loans hot dating service without information

For a quick example, let’s assume you have two student loans. The other has a ,000 balance and an 8% interest rate.

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The biggest misconception out there is that consolidating your student loans will lower your interest rate. After consolidating, your new interest rate is the weighted average of all the loans you chose to consolidate.

In other words, your combined interest rate will be exactly the same as it was before.

It also meant that consolidation was appealing for the simple fact that it made things easier.

With only one servicer to pay, life got a lot less complicated. You can typically handle all of your federal student loans from the same online login, so consolidating usually doesn’t make things any easier.

So my goal here is to correct that misinformation and show you exactly what student loan consolidation is and when it can help you.

Specifically, we’re going to cover the following: By the end of this post, you will know whether consolidating your student loans is a good idea and how you can get started.In the past, people often had to deal with multiple loan servicers for multiple federal student loans.That meant multiple bills to track and people to pay in order to keep everything in order.When I talk to people who are frustrated with their student loan debt and want to get rid of it as soon as possible, there’s one question that comes up over and over again: Should I consolidate my student loans?It’s a tricky question both because there are a lot of variables to consider and because there’s a lot of misinformation out there about exactly what student loan consolidation is and how it can help you.One of the main points of confusion is that the word consolidation is often used to mean EITHER consolidation OR refinancing.

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