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Resource: How Long Does it Take to Pay Off College Loans?You may have to meet certain eligibility requirements before you are able to consolidate your loans.Typically, you will have to be out of school before consolidating, or at least you must only be enrolled part time if you are still taking classes.You must be up to date on your payments, and you must have a history of making your payments on time.Yet despite the appeal — and its popularity — student loan consolidation isn’t for everyone.
To consolidate, you should owe at least ,000 in student loan debt.
The major advantages of consolidating student loans include streamlining the payment process, getting more time to make repayments, lowering interest rates on your loans, and lowering the amount you have to pay every month.
By consolidating, you can also change from variable loans to a fixed-rate loan.
Student loan consolidation is the process of taking multiple outstanding loans and reorganizing them into one monthly payment.
Consolidation loans like the Stafford Loans, for example, can help make this possible with Direct and Federal Family Education Loan (FFEL) consolidation programs.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.For any college grads overwhelmed by multiple student loans, this can be extremely helpful.