Consolidating student loans with different interest rates

If you have any of the following types of federal loans, student loan consolidation via a Direct Consolidation Loan is a possibility: If you have already consolidated some of your student loans, it may be possible to reconsolidate.Typically, you will have to add another loan in this reconsolidation, however.Common sense dictates that managing one student loan as opposed to two or even more is logistically simpler and psychologically less burdensome as well.For busy professionals, remembering to make one larger payment a month rather than several smaller payments is much less of a hassle, meaning there’s less of a chance for missed payments, unnecessary compounding interest, and late fees.Assuming that you’re currently trying to manage more than one student loan payment a month, you already know how overwhelming it can be.How many times have you procrastinated on paying your student loan notes simply because the mere thought of sitting down to make all those payments causes anxiety?

When you consolidate student loans, more deferments and forbearances become available since the lender looks at the consolidated loan as a new loan.For example, a consolidated federal loan may have an extended repayment term (i.e., up to 30 years!), meaning monthly payments can be lowered significantly.Types of Student Loan Consolidation When contemplating student loan consolidation, it’s important to know what types of student loans you have.This will help you determine what options you have when deciding exactly how to consolidate student loans for the maximum benefit.

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