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Switching to a new lending institution might eliminate any benefits you’ve earned, like lower interest rates for on-time payments over the years.
Plus, consolidating could make it impossible for you to have a Perkins Loan forgiven or reduced.
When you opt for student loan consolidation, you’re working with a lender who will pay off your existing balances.
Student defines these as follows: If you have only a couple more years or a few thousand more dollars to go till you pay off your student loans, consolidation is probably more hassle than it’s worth.You may also have access to a new repayment schedule (like an income-contingent plan) that’s a little easier on your wallet.If you don’t care about the extra cash and just want a consolidation for the simplicity of a single monthly payment, you can use any money you save to pay down the principal.Both methods involve taking out a new loan to better manage multiple, outstanding balances.However, refinancing allows the borrower to seek better interest rates and repayment terms.
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Public and private loans can’t be combined, but if you have multiple private loans, you can consolidate those, too; contact your lending institutions to find out how.