Pros and cons of consolidating federal student loans updating collection management
Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment.
The number one drawback to consolidating a Perkins Loan is the loss of loan cancellation benefits.
When you consolidate your private and federal loans through a credit union or bank, you could be offered a rate that is lower than what you’re paying right now.
But, consolidating student loans is not right for everyone.
Perkins Loans stand apart, in some ways, from the other federal student loan programs.
Perkins Loans feature special benefits and perks that are not always recommended for consolidation.
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The advantages realized by student who participate in the Federal Direct Consolidation Loan Program are several.