Keep in mind that lowering your monthly payments (by extending the repayment period) will end up costing you more interest over the long term. However, you can pick the lower payment today if you want, and then make larger than required payments if your income increases.
Student Loan Consolidation FAQ
By Justin Pritchard, About.com Guide
Do some extra homework if you have Perkins loans, or if you’re still in school. It can be more complicated, and you don’t want to unknowingly give up any benefits.
Prev
- What is Student Loan Consolidation?
- Why Might I Consolidate?
- How is Student Loan Consolidation Different?
- What are Some Pitfalls of Student Loan Consolidation?
- All my Loans are From One Source – Should I Consolidate?
- How do I Know My Interest Rate?
- Can I Consolidate With my Spouse?
- When Should I Consolidate?
- Who Should I Consolidate With?
Other Sources of Information
Explore Banking / Loans
Must Reads
About.com Special Features
10 Things You Can Do Today to Improve Your Credit
Easy steps to take control of your credit card debt. More >
Holiday Central
What to eat, where to go, fun things to do and how to save money on the perfect gifts. More >
©2009 About.com, a part of The New York Times Company.
All rights reserved.