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Does consolidating student loans save money

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.One of the myths of consolidation is that it makes your debt less expensive by lowering your interest rate.Historically, that may have been accurate, since consolidation was often used as a way to lock in a low interest rate on variable-rate loans, says financial aid expert Mark Kantrowitz.Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.As you weigh the pros and cons, keep in mind that timing is critical.With just a few exceptions, you get only one chance to consolidate with the government loan programs.

Keeping track of that many payments is complicated and part of the reason that 8 million Americans have defaulted on over 0 billion in student loans That is why student loan consolidation appears as such an attractive solution, but there are things you should know as you consider this approach.So, for a simplified example, if you have two loans, one for ,000 at 4% interest and one for ,000 at 6%, your consolidated loan will have a ,000 balance and a 4.7% interest rate.By combining your interest rates, you also lose the ability to employ a favorite tactic of financial planners for paying down debt: targeting the most expensive debt, the loan with the highest interest rate, first. Using student loans to pay for could cost you a whole lot more.The average college graduate in 2016, who took out student loans, owes ,172, a 6% increase from 2015.

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WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.

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