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Key takeaways. Direct Consolidation Loans and private student loan refinancing helps make federal student loans more manageable by rolling several balances into a single loan product.
Consolidation can streamline your student debt and reduce your monthly payment. But it's not for every borrower.
Understanding the nuances can help you select the right process for you when it comes to your student debt. Student loan consolidation is an option when you have multiple federal loans outstanding ...
If you die, your federal student loan debt dies with you if unpaid. Private student loans pass on to your estate, spouse, or heirs. Source: Federal Student Aid - US Department of Education (U.S ...
Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans.
He added that there’s more involved with a debt consolidation loan than simply getting a better interest rate. If you’re considering a zero-percent balance transfer card, he said the same ...
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