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We’ve got you covered with our Student Loan Smarts blog series.
Having multiple lenders, whether federal or private, means you need to be on top of paying your bills every month – otherwise it could hurt your credit score.
Having a low credit score can negatively impact future opportunities, such as buying a car or home and even getting a job.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.
In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both.
Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt and other types of debt.
There are several ways consumers can lump debts into a single payment.
One is to consolidate all their credit card payments onto one new credit card – which can be a good idea if the card charges little or no interest for a period of time – or utilize an existing credit card's balance transfer feature (especially if it's offering a special promotion on the transaction).