Is Student Loan Consolidation Right for You?

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Is Student Loan Consolidation Right for You?

If you have student loans, you're not the only one who's probably considering student loan consolidation. A lot of people have loans and more people are about to, because there's been a 'back to school' rush in the face of a struggling economy. So many students are using a buy now, pay later mentality about their education that generally works well - but only if the students are able to get jobs in order to pay back their loans. Of course, they can also consider deferments. These help in the short-term, but ultimately they only delay the inevitable need to pay the loan back.

Personal student loan consolidation is a great way to reduce debt, because the interest rates on these loans are often better than the original rates were. Student loan consolidation is also good because you won't have a bunch of payments to make. You'll just make one payment each month, and it will go to one loan - instead of two or three or more. Both private and federal loans are available for personal student loan consolidation, so it's well worth checking into if you want to lower your debt and reduce your interest rates and payoff times.

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