Is consolidating your student loans a good idea dating old nails

Today, the answer to that question is probably yes!

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Federal loan consolidation can lower your monthly payment if you extend your loan term, but stretching out payments over a longer time period without an interest rate reduction can increase overall repayment costs.

According to the Department of Education, you cannot consolidate a loan that’s already been consolidated, unless you add on an additional, existing eligible loan or loans.

In reality, though, not that many people end up being eligible.

Requirements vary depending on the type of loan, but most offer forgiveness for those employed in certain public-service occupations.

With an average balance of $28,400, student debt is a big part of the average college graduate's life.

At Lend EDU, we help borrowers compare the top student loan companies in one place.Connect to the right information for student loan refinancing, student loans, and personal loans. Visit to compare your options for student loan refinancing, private student loans or personal loans.If you have federal student loans and a) have too many different payments to keep track off or b) would like to qualify for different repayment plans like income-driven repayment or Public Service Loan Forgiveness, consolidation might be a good idea!Under certain circumstances, federally backed student loans – such as Direct Subsidized Loans and Federal Perkins Loans – can be discharged or forgiven.The prospect of your student debt evaporating may seem like a dream come true.Over 10 years, you’ll pay about ,000 in interest on your original principal of ,000. Under your new loan terms, your loans will be consolidated into one ,000 loan—and you’ll have one new fixed interest rate, which is determined by taking the weighted average of the interest rates on your previous loans, and rounding up to the nearest one-eighth of one percent. Now, entering your loan information into a loan consolidation calculator, you’ll find that consolidating your loans gives you a new repayment period, which is figured based on the amount you owe – the more you owe, the longer this repayment period will be.

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