Is consolidating my student loans a good idea
Student loan consolidation is the process of combining your Federal student loans into one single loan.
For example, you might have 3 or 4 different student loans by the time you graduate college (one for every year you went to school).
Consider leaving a consolidation option open for later use.
Consolidation is often sought out to keep monthly payments as low as possible and also to reduce overall interest owed on loans.
Refinancing also isn’t a good idea for everyone, and its effectiveness can vary based upon your past and present credit scores.
And, like with all student loan issues, the differences between refinancing private student loans and public student loans are significant.
Or, if you're not careful, you could end up paying more on your new consolidation loan than you would have with each individual loan.
If you're considering consolidating your student loans, make sure that you avoid these potential problems and pitfalls with student loan consolidation.