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13-Dec-2019 17:04

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Before you consider taking your individual federal student loans and consolidating them into one loan, it is advisable to take some time and learn about why you should or should not consolidate your student loan.

You combine multiple federal student loans into one: The biggest advantage of consolidating student loans and one of the biggest reasons why most people consider this option is that it takes the hassle out of debt repayment.

You can choose an income-based plan and pay off the loan faster: Some consolidation plans may offer you the option to choose flexible repayment terms.

This can be especially beneficial if you are a new graduate earning an entry-level income, but expect to rise up the ladder quickly and start earning a higher salary in the near future.

Whether you’re a recent graduate or you’ve been out of school for a while, you might be struggling to keep up with your federal student loan payments.

You might even be in default on your student loans.

With loan consolidation, you maintain one record of all your debts.

This makes it easier to remember and allows you to stay ahead of your payments.

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While this means you have fewer details to remember, sometimes, the new rates and terms and conditions may not be as beneficial as the original rates and terms.

It minimizes your monthly payment: Different loan consolidations come with different terms and conditions.