How To Consolidate Student Loans – The Ultimate Guide
Have you been contacted to consolidate student loans? Each year, millions of individuals receive an offer such as this, and in fact, follow through with a refinance. However, this is not a “one size fits all” solution, and not every individual is the proper candidate for refinancing.
The general consensus is that you can lower the monthly payment when you consolidate student loans simply by increasing the number of years that the loan will be repaid. While that may be true, and because at the time, you’re just beginning your professional career, it may seem like a good idea. However, you really should consider the following three options.
- Institutions that offer student loans have other options in addition to consolidation. Before you make a commitment to consolidate student loans, we highly recommend that you meet with your financial aid advisor with your university or college to discuss the matter. The advisor will more than likely recommend that you consult with your lender to find out what repayment options are available to you.