Advantages of Consolidating There are several potential advantages to consolidating your student loans including: 1.If you have more than one student loan, you may have heard about or considered consolidating your loans.
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Consolidation offers a way to select among other repayment plans such as the following federal consolidation loan repayment options: .
Lenders will often offer loan holders certain benefits for being a good borrower.
(For background reading, see You cannot consolidate private student loans with federal student loans, and you can only consolidate the loans you hold in your name; this means that you cannot consolidate your own loans with your spouse's or with loans your parents may have taken out to finance your college education.(Some savings vehicles may be better than college saving funds, check out .) Each lender has its own minimum loan balance necessary for loan consolidation; however, you do not need to meet any minimum loan balance for loans consolidated under the Federal Direct Consolidation Loan program.