Is consolidating student loans a good idea
If you’ve already been paying off your loans for a while, you can consolidate at any time.
If you have only a couple more years or a few thousand more dollars to go till you pay off your student loans, consolidation is probably more hassle than it’s worth.
If you’re in serious debt and ineligible for student loan forgiveness, consolidation could offer the solution you need.
If you’re not familiar with loan consolidation, you may have trouble finding the information you need all in one place.
When you consider that you can end up paying a lot less interest by consolidating your higher-interest debts under one lower interest rate, debt consolidation sounds great.If you feel that you must keep one for emergencies, keep it locked up or frozen in a block of ice so you will have to let it thaw before you can use it. Chris Carson has been writing professionally since 1988, specializing in topics such as cats, jewelry, history and English.Her articles have appeared in "Best Friends Magazine" and on various websites.You may also have access to a new repayment schedule (like an income-contingent plan) that’s a little easier on your wallet.If you don’t care about the extra cash and just want a consolidation for the simplicity of a single monthly payment, you can use any money you save to pay down the principal.