Student Loan Consolidation and Rehab

Should I Consolidate my Student Loans?

Being overwhelmed by student loan debt can be overbearing. There are several solutions for consumers to be able to consolidate their student loans. Here is a list of the types of student loans that can be consolidated:

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  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • Direct PLUS Loans
  • PLUS loans from the Federal Family Education Loan (FFEL) Program
  • Supplemental Loans for Students (SLS)
  • Federal Perkins Loans
  • Federal Nursing Loans
  • Health Education Assistance Loans
  • some existing consolidation loans

When considering whether or not you should consolidate your student loans there are several factors to keep in mind.

1. Simplify your payments

When taking out student loans it is very common to have several different loans, often with different companies. Consolidating your student loans will centralize your payments to 1 location making the repayment process easier for you.

2. Extend the term of your loans

When consolidating your student loans you will have the ability to extend the terms of your loans up to 30 years. This can be tremendously helpful in freeing up cash for your budget and allow you the ability to save more money for your future. The downside to extending the term is that you will be paying your loans back for up to 30 years if you do not make extra payments which means that you may be paying more interest over the life of the loan.

3. Loss of Benefits from the Original Loan

Consolidating your student loans may cause a loss of benefits from the original loan provider. These benefits may include: discounts on interest rate, principle rebates, or loan cancellation benefits. These factors should be considered carefully when consolidating student loans.