After graduating, having several different loans spread across multiple servicers can be difficult to manage, making it harder to keep up with your payments. One option that can help is student loan debt consolidation.
A consolidation loan helps you combine all of your student loans and combine them into one, single loan. You eliminate having to keep track of multiple student loan servicers and payment due dates. Instead, you make one monthly payment to one lender (or servicer sometimes theyre one in the same).
While consolidating student loans can be a smart way to manage your repayment, it is frequently misunderstood. Here are five of the most common misconceptions about student loan consolidation.
Myth 1: Consolidation is the same…
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