Consolidating all school loans

If you're able to manage your money effectively - whether at one lender or multiple, you don't need to consolidate.For the most part, consolidate brings convenience, but does add potential risk.If your loans do end up at multiple servicing companies, it can be trickier to manage, but not impossible.You do have to make multiple payments (to each lender), but using an app to keep track of your finances, you can still watch all your loans in one spot.Understanding The Difference Between Consolidation And Refinancing One of the main messages that get individuals set on consolidation are the advertisements that abound by private companies offering to help you consolidate your student loans. First, the difference between consolidation and student loan refinancing: If you consolidate your student loans correctly, you can still potentially have access to Federal programs like student loan forgiveness or income-driven repayment plans.If you refinance your student loans, you now have a private student loan that does not have access to these programs.By consolidating your old FFEL loans, you can now qualify for PSLF going forward.

This could result in a lower interest rate and/or a lower monthly payment.

If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.

You can choose to consolidate one, some or all of your eligible student loans.

We recommend you compare your current loan terms against the consolidation loan terms.

For example, you may not want to include loans with a lower interest rate than the consolidation loan.

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