Student Loan Consolidation

Student loan consolidation is the process of combining multiple federal student loans into a single, new loan. This simplifies repayment by giving you one monthly payment instead of several. Consolidation can potentially lower your monthly payments and extend your repayment period, making it more manageable. However, it may also result in paying more interest over time and could affect eligibility for certain federal programs. It's important to weigh the benefits and drawbacks before consolidating, considering your financial situation and repayment goals.