Consolidating student loans after
That can help give you more breathing room in your budget.Here are three situations when consolidating your student loans might make sense for you: 1. If you’re struggling to make your payments under a 10-year, Standard Repayment Plan, consolidation can help reduce your monthly payments.When you take out a Direct Consolidation Loan, you can extend your repayment term to up to 30 years and get a smaller payment.For instance, you might be able to get a much lower interest rate and shorten your repayment term.
Although consolidating won’t save you money, it can make repaying your loans easier.
While the terms are sometimes used interchangeably, consolidating your loans is different than refinancing them.
Consolidating student loans after comments