The average college graduate takes on ,000 of debt and 43% of graduated students in debt are either behind on their payments or simply not making them.However, this debt usually is not coming from one loan and is rather coming from several loans that can vary in interest rate and payments. Consolidating your student loans is the process of combing all of your student loans into a single, larger loan, potentially with a new lender.While it can be a great option to simplify and lower your monthly payments, there are other important factors to take into consideration. If consolidating isn’t right for you, there are other ways to manage your debt to get you to the celebration stage.Your college degree might not always feel like it is worth the investment.Consolidating student loans is not always the best option for every person but it can certainly provide benefits and help you move towards celebrating your degree quicker.Pros: When looking to consolidate your student loans, make sure to do your homework.
Think about future indebtedness before accepting loans.With student loan default on the rise, it’s important to consider the consequences of excessive borrowing.Student loans fall into two categories, federal loans and private loans. Should I refinance my student loans with fixed or variable interest rates? How do I consolidate or refinance my student loans? How much can I save by refinancing my student loans?Student loan refinancing: Refinancing is when a student loan lender buys out your existing loans, and gives you a single new loan with a potentially lower interest rate.We recommend the lenders above because we thoroughly evaluated them. Can I consolidate private and federal loans together? You can also extend the term of your loan, at the same interest rate.