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Mike is an expert when it comes to bad credit loans and online payday loans.
He writes about these financial topics helping others learn more about these loans before applying for one.
Lenders in our network will give you unsecured loans to help you consolidate your current loans.
Today, traditional financial institutions have set strict rules, therefore, making it difficult to get a loan.
The amount of money you are eligible to borrow depends on your college costs for a particular year.
If you graduate in four years, you will likely have four loans—even more, if you also took a private loan for additional funds.
Here, we’ll take a look at a few strategies to consolidate your debt.
Student loan consolidation is a process through which you take out a new loan, which is then used to pay off your other existing student loans.
While the interest rate on the new loan may be lower than the higher interest rate, it will also be higher than the lower interest rate you're currently paying.
So overall you'll be paying about the same or perhaps just slightly more for your new, consolidated loan.
If your lender does not provide any benefits, you may want to consider consolidating your loans with a lender who does.
If you have private student loans at differing variable rates of interest, you may be able to consolidate and get one new loan with a fixed rate of interest—a good move if rates have dropped significantly since you were in school.
You should be wary if a private lender promises to dramatically lower your interest rate by consolidating your federal student loans.