Are you tired of making multiple student loan payments each and every month? At LendingTree, we understand it can be difficult and time-consuming to keep track of all your different student loan payments. A student loan consolidation can help by combining all of your loans into a single loan with one interest rate and one monthly payment.
Both federal and private student loans can be consolidated in order to make your loans less complicated and more convenient. Parents can consolidate loans taken on the student's behalf, but they cannot consolidate with the student into a single consolidation loan. To determine if consolidation is right for you estimate your savings with our debt consolidation calculator.
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Advantages of student loan consolidation
There are many advantages to consolidating your student loans, including:
- One single payment
- One interest rate (a weighted average of the combined loans)
- Simplified bill paying each month
- Lock in a fixed interest rate
Disadvantages of student loan consolidation
While there many advantages to consolidating your student loans, there is one distinct disadvantage that's important to consider:
Public Service Loan Forgiveness. If you consolidate your federal student loans, you will lose credit for any qualifying payments you made toward your loan forgiveness. In this case, you could consolidate any loans that do not qualify for loan forgiveness, but leave the ones that do qualify out of the consolidation.
Note: If you're not planning on using Public Service Loan Forgiveness, you can consolidate all of your loans worry-free!