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Have you recently graduated, or plan to graduate this spring? Unsure if consolidating your student loans is a smart option for your financial situation? Have more than one student loan? You may be eligible to consolidate your loans. Consolidating your student loans is a process where you take out a new loan that covers the cost of all of your combined student debt. As it stands now, you can consolidate all federal student loans and most private student loans. Below are the basic pros and cons of consolidation:
Depending on your situation, consolidating your student loans may not be a good fit for you. These disadvantages may include:
There are a number of factors to consider when choosing whether or not to consolidate. Even though consolidation can provide convenience, these loans may have higher interest rates. Student loan consolidation isn’t for everyone, however if the pros outweigh the cons for your situation and you’d like to consolidate your student loans, be smart about choosing the best lender for you. Achieve Lending is a program that provides several different consolidation offers from various lenders, all in one place, allowing you to review interest rates and repayment plans without doing all of the hard work.