Pros of consolidating student loans
When you consolidate several loans into a single new loan, you’ll have just one student loans payment to make each month, making repayment easier.Consolidation can also lower your monthly payments by increasing the amount of time you have to pay the loan back, and give you access to other options for repayment.Dropping a cosigner, which is typically your parent or another close family member, releases any extra tension in your relationship.
Another perk of refinancing your loan is that you might be eligible to refinance the loan on your own.
Consolidating student loans can be a great way to manage college debt, but it may not be the best choice for your particular situation.
Before making a decision about student loans consolidation, contact the helpful counselors at American Consumer Credit Counseling (ACCC).
ACCC is a nonprofit organization dedicated to helping people find a way out of debt and make better decisions about their finances.
Our credit counselors have experience and knowledge about consolidating student loans, as well as the many other options for student loan services.
After consolidating student loans, you may not un-consolidate them because the old loans will be paid off and will no longer exist.