Your grace period on some loans could end prematurely, or you may end up consolidating at the wrong time – too early or too late.
Not all student loan debts can be consolidated, although most federal loans can.
Since it’s a big financial decision with long-term implications on your finances, we’ve put together a little pros/cons list that you might find helpful.
Student loan consolidation can be a great option if you’re looking to simplify and lower your monthly payments, but there are other factors to consider, so be sure to do your homework.
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.