Can i save money by consolidating my student loans

The Direct Consolidation Loan program is for federal student loans only.This free program combines the balances of your existing federal student loans into new, single loan with an interest rate based on the weighted average of the loans you want to consolidate. This article on Direct Consolidation Loan goes into greater detail.) With this program, you retain all of the benefits and protections that are part of the federal student loan program."If you're confident you can afford the monthly payments, it is very hard to find a downside," said Douglas Boneparth, a CFP that specializes in advising Millennials.

If you consolidate student loans, you have other options.As recently as a few years ago, it was difficult for grads to find a bank that would offer them a better rate.Mitchell did her research and found that an online lender called So Fi offered her the best deal. I loved it, but it's also very expensive," Mitchell said.She went to school on a scholarship for track and field, but didn't compete all four years.

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