Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Student Loan Consolidation and other Student Loan topics.
When it comes to student loan consolidation, private student loans can be consolidated just as easily as federal student loans. If you'd like to consolidate all of your student loans and you have a mix of federal and private loans, keep in mind that you'll need a separate consolidation loan for each loan type. Once you consolidate, you will only have to worry about making one or two student loan payments each month. In addition, your payments may also be lower, which means that you have more money in your pocket each month.
Although you may have lower monthly payments, you may pay more in the long run because you're extending the length of your repayment, which may increase the total amount you pay in interest.
|Jennifer Mathes, Ph.D.|