Student loan consolidation help

M

Mary

New Member
I'm not entirely sure student loan consolidation is always a good idea. I've read about it, but very little, so I still have some questions I need answers to.
For starters, I'd like to know when is student consolidation debt a good idea? What are the pros and cons?
 
it's good that you ask for more info before making rash decisions.
Now, I'm no expert, but be aware that, if you choose to consolidate your student loan, you might end up paying more interest, overall. Sure, monthly payments can go down, but over the years, it will cost you a lot more (possibly!).
 
Mary, what kind of student loan do you have? Is it a federal direct loan or a private loan? Because you have different option, with pros and cons, for both type of loans. What Smith said is correct, but he didn't mention that, if you have a federal loan to pay off, and you opt for consolidation, you might qualify for PSLF (Public Service Loan Forgiveness). This means that if you work in a public service job, you might have your loan dissolved after 10 years.
 
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