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Additionally, there’s a good chance you used a cosigner on your original loans.
The combined credit score of yourself and cosigner likely improved your chances of being approved for a loan and with a better interest rate.
You should also consider refinancing as you might be eligible for a better interest rate, saving you money.
You can consolidate both your federal and private student loans together with a private lender such as a bank or credit union.
In doing so, you’d lose your federal student loan benefits, so be sure you won’t use them before consolidating.
You may also be eligible for better loan terms if you refinance.
Often used interchangeably, consolidating and refinancing student loans refer to different things.
When you consolidate student loans, a cosigner isn’t necessary, assuming you can get approved for the new loan by yourself.Your credit score is used to determine credit worthiness down the road when you need it most such as buying a car or home.Consolidating your loans will leave you with one bill to stay on top of.This new loan agreement helps students to more easily manage their debt by reducing all payments to one more affordable monthly payment.For many students, loan consolidation can mean the difference between totally discharging their college loans and going into default.