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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.
College students can take out new loans each year they're in school, so by the time graduation comes, it's common to have half a dozen, or more, individual loans.
You'll probably find a lower interest rate, depending on your situation.
When I talk to people who are frustrated with their student loan debt and want to get rid of it as soon as possible, there’s one question that comes up over and over again: Should I consolidate my student loans?
It’s a tricky question both because there are a lot of variables to consider and because there’s a lot of misinformation out there about exactly what student loan consolidation is and how it can help you.
Plus, instead of keeping track of multiple bills, payments and due dates, you will have just one payment to make.
There are many different ways to consolidate your debt with PSECU.