When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.
Both federal and private lenders recognize that lower monthly payments help may be the best option, if you don’t get the job you want immediately after graduating from colleges.
So it’s easy to simply set your monthly payments on autopilot and never look back.
But while that’s a good way to make sure you don’t miss any payments, ignoring the big picture may be costing you more than you think.
Consolidation does not always save you money or make the loan easier to repay.
According to the FAQ page on the website for federal consolidation student loans, there are three situations where an existing consolidation loan can be consolidated again.
The shift of massive amounts of student loans from Sallie Mae to Navient has been a headache for many borrowers.
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.
It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.