Disadvantages of consolidating student loans

One day you’re walking across a stage in a cap and gown to receive your hard-earned diploma. And the next you’re forking over a chunk of your new paycheck to student loans.

While you can’t go back in time and tell your freshman self to avoid student loans (and to go easy on the pizza), there’s still a lot you can do now to get that debt out of your life.

One way to get on top of your student loans, especially if you’re juggling multiple payments, is by consolidating your student loans.

If i consolidate my student loans can they still be forgiven

But is it the right choice for you and your situation? Let’s find out!

What Is Student Loan Consolidation?

Student loan consolidation is the process of combining your different student loans into one new loan.

Instead of having to pay multiple payments to multiple lenders, you only have to pay one monthly payment.

Technically speaking, only federal student loans can be consolidated. Everything else—so, private student loans or a mix of private and federal loans—has to be refinanced (which we’ll get into later).

Quick disclaimer: Stu

when can i refinance student loans

when should i refinance my student loans