Consolidating my student loans

Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.

When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.

College students can take out new loans each year they’re in school, so by the time graduation comes, it’s common to have half a dozen, or more, individual loans.

Each of them may have different terms, including interest rates.

Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

But that doesn’t mean consolidation is always a smart move.

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