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Should I consolidate my student loans?

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Student loan consolidation can dramatically cut your monthly payments by extending the term of the loan and often by reducing the interest rates. It is quite common for someone with $50,000 in student loan debt to be paying monthly payments of $700 per month prior to consolidation and reduce those payments to $300 after consolidation by stretching out the debt from 10 to 30 years. And because you are agreeing to a longer-term note, you can generally obtain a lower interest rate. Consolidation also provides the opportunity to lock in a fixed interest rate rather than a variable rate, which can be a substantial benefit during times of lower interest rates, or if you foresee excess inflation in the future.

Many student loan consolidators offer additional perks as well such as a quarter-point reduction for allowing them to automatically deduct payments from your bank account and an even greater reduction if you make on-time payments each month for the first 24-48 months. Be sure you have the best deal and the best rate you're likely to get before you consolidate however because under current US laws you can generally only consolidate once.

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