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Debt consolidation is only one of several strategies for paying off debt.Debt consolidation won’t work if you have too much debt or haven’t fixed underlying spending issues.Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one! Consolidating allows you to merge multiple eligible loans into a single loan.The definition of loan consolidation in a nutshell, is this: One loan, one payment, one lender.It’s simple, efficient and practical, but there are some negatives, not the least of which is that you could end up paying much more in interest by the time you’re finished.
Consolidation is a great option to make your payments more manageable and maybe even save some money.
Using student loans to pay for could cost you a whole lot more.
The average college graduate in 2016, who took out student loans, owes ,172, a 6% increase from 2015.
That is a sizeable, unwelcome gift to take home from school and it’s important to know how to minimize the damage.
The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.
So, the interest rate on a consolidation loan may be higher than the underlying loans.