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Yet despite the appeal — and its popularity — student loan consolidation isn’t for everyone.Here are some frequently asked questions and answers that may help determine if it’s the right move for you.Both methods involve taking out a new loan to better manage multiple, outstanding balances.However, refinancing allows the borrower to seek better interest rates and repayment terms.If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.
A good credit history is also ideal if you are planning to refinance.If you’ve already been paying off your loans for a while, you can consolidate at any time.Interest rates are determined by the federal government and change each year on July 1, so check with a lender to get their take on possible rate fluctuation.If you need more cash in your pocket right now, consolidation can help by extending the life of your loan and thus trimming your monthly payments — although the length of your repayment terms will depend on the amount of debt you have, and you may not be able to extend at all.But if interest rates are low you can lock in long-term savings, since less of your money will go to interest.
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In those cases, you may be able to have another go at it.