What are the pros & cons of consolidating federal student loans?
Asked by Ms. Denton Lone Star ™I heard there were advantages plus disadvantages of consolidating.
Favorite Answer
Answered by dawncs
The pluses: * One payment a month compared to how many student loans out at the time of graduation needing payments. * Fixed interest rate. * Different payment options. * More money to spend on other things than student loans. Minuses: * If eligible for a loan forgiveness program, elgibility goes away with the consolidation. (nursing and education in rural or urban areas). Check before consolidating. * Grace period ends once consolidation happens. Wait until the six months are almost up.
The pluses: * One payment a month compared to how many student loans out at the time of graduation needing payments. * Fixed interest rate. * Different payment options. * More money to spend on other things than student loans. Minuses: * If eligible for a loan forgiveness program, elgibility goes away with the consolidation. (nursing and education in rural or urban areas). Check before consolidating. * Grace period ends once consolidation happens. Wait until the six months are almost up.
