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This process can simplify the process of paying off student loan debt.However, it’s important to carefully research any interest rates or other costs of consolidating to make sure that you won’t pay more money back on consolidated loans than you would by simply continuing to pay your loans off individually.You won’t likely be able to consolidate a private student loan debt with federal loans.Also, you cannot take out loans in another person’s name.Resource: How Long Does it Take to Pay Off College Loans?You may have to meet certain eligibility requirements before you are able to consolidate your loans.Disadvantages include paying out a greater amount of interest, paying back more money overall, having to make payment for a longer period of time, losing any borrower benefits that you’ve enjoyed previously, and having to pay certain penalties.Another possible drawback of consolidating your student loans is that you may lose grace periods that you could take advantage of with your original loans.
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Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
Private consolidation is often referred to as refinancing.
These processes are often confused, but they’re very different.