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Managing multiple due dates and lenders can seem complicated; however, many graduates consolidate and refinance their student loans in order to simplify monthly payments and potentially qualify for better rates.If you're wondering what you need to know about consolidating student loans, find answers to the questions you have before consolidating in this guide from Citizens Bank.Other borrowers consolidate their loans to streamline their student loan payments into one monthly payment and eliminate the hassle of keeping track of multiple student loans.When you consolidate your loans, you have only one due date to remember as opposed to several, making it easier to manage your finances.You will have a lot of important financial decisions to make after getting a job, one of which will be paying down your student loan debt.If you took out multiple student loans in undergraduate or graduate school, they may all have different balances and interest rates.Student loan consolidation allows borrowers to combine multiple loans into a single, new loan with a new interest rate, repayment options and terms.It's important to keep in mind that there are distinct federal and private options for consolidating student loans.
To see if you may benefit from consolidation, use our Student Loan Refinance Estimator to discover what your new rate and term options may be.Here’s what you need to know before deciding to consolidate student loans.Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.Unlike federal consolidation, the Education Refinance Loan bases the new interest rate off market conditions as well as your creditworthiness, potentially providing a rate lower than your existing loans.
Keep in mind if you refinance your federal loans with a private lender, you will no longer be eligible for current and future federal benefits such as eligibility for loan forgiveness programs.
When it comes to consolidation, the types of loans you have matters, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal student loans.