In that case, you may start thinking about consolidating or refinancing your loans to lessen your payments that are monthly. Quite often, which can be a smart move that is financial. But it pays to take a close look at the pros and cons before you make the decision to consolidate or refinance.
- Consolidating, or refinancing, high-interest personal student loans into just one loan with another private loan provider can reduce your monthly premiums.
- Through the government’s Direct Loan Program if you have federal student loans, a better option may be to consolidate them.
- If you consolidate federal loans into a personal loan, you are going to lose a few of the unique advantages that federal loans have to give you. (more…)