Consolidating student loans faq

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One way to consolidate your debt is to apply for a federal Direct Consolidation Loan.With this method, the Direct Consolidation Loan is used to pay off your old debts.This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.Sometimes it might even cause you to miss payments.

It’s simple, efficient and practical, but there are some negatives, not the least of which is that you could end up paying much more in interest by the time you’re finished.Consolidation simply makes keeping track of your loans easier since you’ll have just one loan to manage and one payment to make each month. If you refinance, you can consolidate several loans into one.However, you can refinance both federal and private loans.We sometimes earn a sales commission or advertising fee when recommending various products and services to you.Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns.In cases like this, consolidating your student loans could help you manage your loans more efficiently. Here’s what to keep in mind before you dive into student loan consolidation.

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