Advantages and disadvantages of consolidating student loans

Better credit, better rates: If graduation is completed and get a great job, and have been making responsible financial choices of making payments on time, then the credit score may have gone up.

Dodge default: Since it can possibly lower the monthly payment, depending on the loans, loan consolidation can offer a solution.

Potentially higher rates: We can actually end up paying higher interest rate depending on the current interest rates and loan amounts.

This has increased the overall amount, which, we owe.

Before being able to consolidate them, though we may be required to get our loans into good standing Cons of Student Loan Consolidation Loss of benefits: We may lose certain borrower benefits if we combine the loans depending on the loan.

Last modified 31-Mar-2020 10:43