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One way to streamline this is to consolidate your student loans.
If you are unsure how to consolidate student loans or are unfamiliar with the steps, read on.
What Is Student Loan Consolidation?
Student loan consolidation is the process of combining multiple loans into a single loan with one monthly payment.
The latter also works if you have a mix of federal and private student loans.
Although consolidation is a great way to simplify your loan approach, it does not erase your debt.
Benefits of Consolidating Student Loans
There are many benefits to consolidating your student loans.
The interest rate on your loans isbased on their weighted averageper the governments Student Aid website.
Loan Forgiveness Eligibility
Public Service Loan Forgiveness may require student loan consolidation.
Federal vs. ## Maintain a High Credit Score
Higher credit scores mean better rates and terms.
A credit score of 670 or above is a good place to start for the best rates.
Compare Lenders
Its essential to compare loan servicers to find the best terms.
Look at interest rates, loan terms and benefits.
Accept Your Offer
Accept the best offer and sign your new loan agreement.
Consolidation removes the guesswork and turns these payments into one smooth transaction every month.
This also applies if you are seeking a PSLF.
For example, when your existing interest rate is already low.
If you are only seeking convenience, you may not have considered that the interest may be higher.
In other cases, you may be close to paying off your existing loans.
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