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We’ve got you covered with our Student Loan Smarts blog series.
Having multiple lenders, whether federal or private, means you need to be on top of paying your bills every month – otherwise it could hurt your credit score.
Having a low credit score can negatively impact future opportunities, such as buying a car or home and even getting a job.
Keep in mind that with a student loan consolidation, you are not saving any money since you are just combining all your student debts into one.
Although the terms are often used interchangeably, they are not the same thing.
In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both.
Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt and other types of debt.
Theoretically, any use of one form of financing to pay off other debts is practicing debt consolidation.
However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.
Most of them could streamline the repayment process by consolidating their student loans. Get Financial Help Now It simplifies repayment and could save you money.