When you have multiple student loans, the repayment dates on each may be at different times of the month. There is also the possibility that each is being paid under different repayment plans. Using a student loan consolidation calculator, you can explore different payment options to lower you monthly payment if you decide to apply for a government student loan consolidation. Other benefits of a student loan consolidation include retaining options to defer your student loan payments if the need arises and your circumstances qualify you for a loan deferment. In addition, if you have defaulted on your student loans, obtaining a student loan consolidation may help lower your monthly payment and restore your credit history.
|Jennifer Mathes, Ph.D.|