Consolidating your loans turns multiple student loans into a new loan with one payment, one interest rate, one term, and one lender.
This eliminates the nightmare of juggling multiple payments at different interest rates.
As financial expert Dave Ramsey once wrote, “You can only do it once.”Applying for any line of credit requires serious consideration and weighing of risks and rewards.
When it comes to student loans, the stakes are even higher — without them, some students could never attend school.
Student loans are tough, and they present borrowers with heavy debt burdens after college.
By consolidating several student loans, people are able to combine their loans into a single monthly payment, with a single interest rate, on a single term.
Combining student loans doesn’t just simplify the payment process – it makes it easier to maintain control over the financial future.
When considering consolidation plans, be wary of origination fees and be conscious of the lifetime costs that may be affected by changes in your repayment terms.
Nevertheless, private student loan consolidation can be a smart solution.