What exactly does it mean to consolidate your loans?
And how does it apply to student loans?
Thanks!
Tags: Consolidate, consolidate student loan, consolidate your loans, Exactly, Loans, Mean, Student LoanAnd how does it apply to student loans?
Thanks!
Tags: Consolidate, consolidate student loan, consolidate your loans, Exactly, Loans, Mean, Student Loan
You owe several lenders different amounts of money and their payoffs are at different times.
You consolidate all those loans into a single loan and pay one lender MORE money that you would have paid to the individual lenders if you didn’t consolidate the loans. You extent the terms of the notes to five years, paying more in interest than you would have had you not consolidated the loans.
Student loans are deferred until you finish your education, so I would think that would not be a good candidate for consolidation until you finish your education.
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