Pros and cons of consolidating school loans

Not only does this affect your credit score, but it also increases your overall interest payments.

Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.This makes bill paying at the end of the month much easier and you are less apt to forget to pay on one of these loans.Another advantage to consolidation is decreasing your monthly payment.For example, you will have an option of taking longer to repay your loans, so a consolidation loan could cost you more over time since interest keeps adding up until you are done paying.Also, if you consolidate your loans while you are still in school, you will lose your grace period.

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