If you have difficulty keeping track of all your student loans, and as a consequence, find yourself missing payments, consolidation will simply all that.
However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.
Are you tired of making multiple student loan payments each and every month?
At Lending Tree, we understand it can be difficult and time-consuming to keep track of all your different student loan payments.
The interest rate on your federal consolidated student loan is fixed.
Like a fixed rate mortgage, this means your interest rate stays the same, keeping your monthly payment amount consistent.
This means your monthly payments will fluctuate as interest rates go up or down.
Private student loans can usually be paid off over a 10-25 year term.
This is particularly the case for mature borrowers who take out higher-rate federal unsubsidized or PLUS loans for graduate, MBA or professional degree programs.The interest rate you pay will be the weighted average of the interest rates on all your loans being consolidated, rounded up to the nearest 1/8 of a percent.Therefore, if you have some loans with a significantly higher interest rate, it could be beneficial to consolidate.To determine if consolidation is right for you estimate your savings with our student loan consolidation calculator.Get Started Now If you have multiple student loans from the federal government, then it’s likely you make multiple payments to various lenders.